Question

Please answer the following questions for the Apple, Inc. (NASDAQ: AAPL) .

General information:

1)What was the market value for one share of the company’s common stock at the conclusion of trading on February 28, 2013?

2)Who is the corporation’s independent auditor and in what city is it located?

3) Does the auditor believe the financial statements were presented fairly? What statements in the auditor’s report support your conclusion?

4) Does the auditor think the company’s internal control system is adequate? What statements in the auditor’s report support your conclusion?

5) how does this report differ from one used for a non-public company?

6) what is the critical audit matter disclosed in the opinion?

Answer 1

1. Market Value for one share on 28 Feburary 2013 was $15.88

2. Ernst and Young is the accounting firm that is charged with auditing Apple’s public financial statements and it's headquarters is located in London.

3. Yes, the auditor has quoted in the annual report that financial statements were presented fairly. Statement provided by auditor is - "Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report."

4. Yes, as per the auditor the internal control system is adequate. It is mentioned in the report that - "The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.".