Description
discuss the applicable gaap used by walmart for the revenue cycle
Explanation & Answer
Running Head: APPLICABLE GAAP
1
Applicable GAAP
Institution Affiliation
Date:
APPLICABLE GAAP
2
For applicable GAAP in Wal-Mart, the first step would be obtaining the necessary
understanding of the whole entity. By these, it means that there must be a clear study of the
working environment. The institutions accounts and transactions process are important in this
process without shutting off the need to understand the relevant internal controls to avoid risk of
assessment during the audit process. For a multinational organization like Wal-Mart, the auditor
has to get a disclosure of all the financial, material and any other recorded from the external
sources. The material includes personnel, fixed assets and the variable assets held by these
entities in the country whe...
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