Frontline: Bigger than Enron

From reading the interview with Lynn Turner I have learned that she was a SEC cheif accountant from 1998 to 2001. When the 1995 tort-reform act was being debated she said the coutrny was in a unhealthy situation. Lawsuits were being litigated that did not have a real basis. She thinks that they made it too hard for investors to turn around and purse their claims in court. Turner also thinks, "the average investor is going to think that it's right that people can stand by -- especially the professionals, the experts in these cases -- can stand by and watch things happen, thereby aiding and abetting those things occuring, and think that they should go without punishment." She thinks that too. When asked if she thought the 1995 tort-reform law affected the behavior of accountants, of corporate boards, of corporate officers, of law firms, of investments banks in any way, she replied that no one likes to be sued. She also said that on the top of their minds there is without a doubt less litigation exposure.

Financial Statement Analysis

Target
(in millions)
Total Revenue: $65,357
Total Expenses: $16,622    25.4%
Net Income: $2,488           3.8%

Walmart
(in millions)
Total Revenue: $401,244
Total Expenses: $78,551    19.6%
Net Income: $13,400         3.3%

Walmarts expenses are less than Targets, but Targets net income is greater.

Article Review

Hodnett, Cynthia. "Re-Energized and Re-Inspired." On Balance Date: Nov/Dec 2009 Page:5

In this article Cyntha talks about her first AICPA Interchange Conference in Orlando, Fla. She explains what you do at the conference. She did a lot of networking, and she listened to guest speakers. One guest speaker she mentions is David M. Walker who talks about the economy. He believes the federal government over the years has "overpromised and under-delivered". He also says that politicians not longer have the trust of the public, and the federal government needs credible and kowledgeable professionals to tell the truth. At the end of the article Cynthia explains how attending the Interchange gave her a new perspective about the CPA profession.

Fiscal Period

I chose Target for my company because I like to shop there and there are many Targets across the United States.
The link for where I found the financtial statements is: http://media.corporate-ir.net/media_files/irol/65/65828/AP_Hi.pdf.
The fiscal period starts on February 1st and ends on January 31st the of every year.
I think that they end the fiscal period at the end of January because it is after Christmas and everyone has returned the items they do not want by the end of January.