FAQ: Who Audits General Motors?

Who is GM’s auditor?

General Motors (NYSE: GM) announced last week in an Item 4.01 8-K that, after their 2017 annual report is filed, the company would be engaging Ernst & Young as its new independent auditor.

Who must audit?

The Act states that if the turnover of any enterprise is more than 1 crore, and in case of professionals if the value of services is more than Rs. 50 lacs then they have to get their books of accounts audited by a Chartered Accountant.

Does GM follow GAAP?

GM reports non-GAAP managerial automotive operating cash flow in its earnings releases and charts for securities analysts.

How do you find out who audits a company?

The best way to identify the auditor of a publicly traded company is to check the company’s most recent filings using our EDGAR database of corporate filings. You’ll find the identity of the company’s auditor in its annual report on Form 10-K. Look for the “Accountant’s Report” under Item 8 of the Form 10-K.

Who audits Disney?

Walt Disney’s auditor, PwC, led its original financial software implementation project.

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Who is Netflix auditor?

Online video rental company Netflix dropped longtime auditor KPMG and switched to Ernst & Young.

Is auditing mandatory?

Thus, a compulsory tax audit is required to be completed by a Chartered Accountant if a business has a total sales turnover of over Rs. 1 crore. In case of a profession, if the profession has total gross receipts of more than Rs. 50 lakhs, then tax audit by a Chartered Accountant is mandatory.

Is tax audit mandatory in case of loss?

In case of loss, since there is no income, therefore it does not exceed the maximum amount not chargeable to tax and so the second condition mandating tax audit u/s 44AB r/w section 44AD is not satisfied and therefore the assessee is not required to get the accounts audited u/s 44AB.

What companies need audited accounts?

A company must have an audit if at any time in the financial year it has been:

  • a public company (unless it’s dormant)
  • a subsidiary company within a group which is not small.
  • an authorised insurance company or carrying out insurance market activity.
  • involved in banking or issuing e-money.

What depreciation method does GM use?

As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company’s fixed asset base is old or new.

Do all companies need to be audited?

Classifying a company Not all companies are required to have their financial statements audited. Also, of those companies that should have audited financial statements, not all are required to have an audit committee.

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Do private companies need to be audited?

The SEC requires publicly traded companies to provide GAAP-compliant audited financial statements. Private companies may be subject to GAAP requirements to satisfy lenders, insurance companies, or certain classes of shareholders. However, many private companies don’t issue audited financial statements.

Who audits public accounting firms?

In general, the PCAOB inspects each firm either annually or triennially (i.e., once every three years). If a firm provides audit opinions for more than 100 issuers, the PCAOB inspects them annually. If a firm provides audit opinions for 100 or fewer issuers, the PCAOB, in general, inspects them at least triennially.

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