Locate and review the Form 10-K for Ford Motor Company for the year ended December 31, 2017 and the Form 20-F for Toyota Motor Corporation for the year ended March 31, 2017. Based on those Forms answer each of the following questions:
1. Who were the independent auditors for each of the companies?
2. Were the audits “integrated” for each entity? How can you tell?
3. What type of audit opinion was issued for each of the companies?
4. Was there an opinion issued regarding internal controls? If so, what type?
5. What are the potential implications if the opinion over internal controls is qualified or adverse?
6. What are the advantages to Ford and Toyota of using the same audit firm?
7. Why might some companies in the same industry be hesitant to use the same audit firm?
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