Case Analysis : Exxon Chevron Corporation

2318 Words May 4th, 2016 10 Pages
This is the audit project memo of Exxon Mobil Corporation, at your request, it is consists of a brief introduction of the background, the analysis of inherent risk, control risk and detection risk. In the detection risk section, revenue recognition policy was been selected as the target of the following analytical procedures and substantive procedures. At the end, based on the evaluation and analytical procedures performed in this paper, the inherent risk is moderate to high, the control risk is low to moderate and the detection risk is moderate.

Company overview

Exxon Mobil is the largest publicly traded international oil and gas corporation around the world. The headquarter of Exxon Mobil Corporation is in Irving, Texas and the company running their business in over 200 countries in the world.

Brief introduction of industry, market and competitors

Within no doubt that oil and gas are the most vital components of our daily life, this industry is currently experiencing its transformative periods. There are a lot of changes that would bring both opportunity and threat to oil and gas industry in the future. The oil and gas market showed a not optimistic trend during the past year, according to England (2015), during 2015, the overall cash flow keep diminishing and the situation also become weaker than before. The main competitors of Exxon Mobil Corporation are Royal Dutch Shell, Chevron Corporation and BP.

Downstream structure and distribution channels

The downstream…

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