The document provides an overview of understanding financial statements. It discusses key terms like audited, unaudited, and certified public accountants. It describes the Sarbanes-Oxley Act which created the PCAOB to oversee accounting in response to Enron and WorldCom. The PCAOB oversees accounting firms and audits. Key SEC filings include the 10-K, 10-Q, and 8-K. The annual 10-K report includes strategy, auditors report, financial statements, and management discussion.