Audit Plan Of Johnson & Johnson

3373 words - 14 pages

Group Members:
Khrystyn Owens
Erin Riley
Shameka White
Janet Wilson

November 11, 2010
ACCT 4117

Johnson & Johnson (J&J) is the world’s largest and diverse base manufacturer of health care products. J&J objective is to provide quality health products and services to improve peoples’ quality of life globally.
The company conducts business in virtually all countries worldwide with the primary focus on products related to human health and well-being. Johnson & Johnson products are classified into different division: consumer products, medical devices and diagnostics, and prescription products. Because J & J offers a variety of products and services, the following sections will ...view middle of the document...

J&J profits $12,266,000,000. The balance sheet reported assets as $94,682,000.
Though Johnson & Johnson corporate office is located in New Brunswick, New Jersey, J&J is comprised of 250 operating companies located in 57 different countries. J&J employs 118,700 individuals across the globe. The United States of America, Europe, Western Hemisphere excluding U.S., Africa, Asia, and Pacific are all the geographic regions J&J operates.
Because Johnson & Johnson is such a large corporation, it is necessary to list the companies closely associated with J&J,
* Johnson & Johnson Consumer Companies, Inc.
* DePuy
* Cordis
* Biosense Webster, Inc.
* Codman Nuerovascular
* Codman & Shurtleff, Inc.
* Lifescan, Inc
* Animas Corporation
* Veridex, LLC
* Ortho-Clinical Diagnostics, Inc.
* McNEIL-PPC, Inc.
* McNeil Consumer Healthcare Division of McNEIL-PPC, Inc.
* Johnson & Johnson Healthcare Products Division of McNEIL-PPC, Inc.
* Ethicon
* Neutrogena Corporation
* McNeil Nutritionals, LLC.
* OraPharma
* OrthoDermatologics
About thirty percent of the annual report is dedicated to giving knowledge of the environment of the company in respects to J&J divisions, operating companies, executive information, and global community involvement. The remaining portion of the annual report is separated in segments: Management’s Discussion and Analysis, Audited Consolidated Financial Statements, and Supporting Schedules. The content included in Management’s Discussion and Analysis are the results of operations, analysis of sales by business segments, analysis of consolidated earnings before provision for taxes on income, liquidity and capital resources, cautionary factors that may affect future results. Next in the annual report is the Audited Consolidated Financial Statements. This portion is composed of the consolidated balance sheets, consolidated statements of earnings consolidated statements of equity, consolidated statements of cash flows, notes to consolidated financial statements, report of independent registered public accounting firm, management’s report on internal control over financial reporting. Lastly, in the annual report is supporting schedules. This sections includes, summary of operations and statistical data, shareholder return performance graphs, and reconciliation of non-GAAP financial measures.
From the appearance and format of the annual report, the management is conveying a message of integrity and potential growth. The beginning of the report contains information not related to the financial reports. This information sets a tone to cushion the reports. The management addresses shareholders as well.
More bar graphs and pie charts are used to convey information in the annual report versus the 10-K. The 10-K report is filed with the Securities and Exchange Commission. Therefore less communication with parties outside of management and the auditors is included. This allows...

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