1. Access the SEC EDGAR database (www.sec. gov) and retrieve Palm’s 2009 10-K (filed July 24, 2009). Identify its auditor. What responsibility does its independent auditor claim regarding Palm’s financial statements?
2. Reading and interpreting accounting reports requires some knowledge of accounting terminology. (a) Identify the meaning of these accounting-related acronyms: GAAP, SEC, FASB, IASB and IFRS. (b) Briefly explain the importance of the knowledge base or organization that is referred to for each of the accounting-related acronyms.