Apollo Shoes Introduction Letter Essay

1028 words - 5 pages

Apollo Shoes, Inc. Audit Report

The audit firm of Anderson, Olds, and Watershed, CPA (AOW) has been engaged by Apollo Shoes, Inc. to audit the financial statements for the fiscal year ending December 31, 2007, and file the Form 10-k with the SEC within 60 days of this date. It has also been agreed that AOW will prepare the state franchise tax and federal tax returns for Apollo Shoes, Inc. The field work for the audit will begin mid-January, with the trial balance to be sent to AOW shortly after the end of December. The AOW staff assigned to the audit will work closely with Katrina Ramirez, the Internal Auditor for Apollo Shoes. This brief contains additional information regarding the ...view middle of the document...

9). With this type of attestation service “the auditor issues a written report expressing an opinion about whether the financial statements are fairly stated in accordance with the applicable accounting standards” (Arens, et al, 2012, p. 9). An “audit of internal control over financial reporting” includes an assessment from management of publicly traded companies in regards to “the effectiveness of internal control” within the company and an attestation from the external auditor regarding the “effectiveness of internal control over financial reporting” as required by “Section 404 of the Sarbanes-Oxley Act” (Arens, et al, 2012, p. 9). “A review of historical financial statements” is less costly than an audit of the financial statements as it requires “a lower level of assurance” than is required for an audit (Arens, et al, 2012, p. 9). In this type of attestation, management will assert “that the statements are fairly stated in accordance with accounting standards, the same as for audits” (Arens, et al, 2012, p. 9). In an attestation of information technology, assertions are made by management in regards to “the reliability and security of electronic information” (Arens, et al, 2012, p. 10). Other attestation services are available at the clients request and involve the CPA to “provide an attestation” in regards to assertion made by management about a specific topic (Arens, et al, 2012, p. 10). AOW also offers a variety of accounting services; including “bookkeeping services”, “tax services”, and “management consulting services” (Arens, et al, 2012, p. 12).
Meeting the Standard Requirements
The firm of Anderson, Olds, and Watershed, CPA (AOW) is a certified public accounting firm, and the audit opinions expressed on the financial statements’ of Apollo Shoes will be made by licensed CPAs following the Generally Accepted Auditing Standards (GAAS). The audit staff will follow the standards and rules established by the American Institute of Certified Public Accountants (AICPA). The audit staff meets the minimum education requirements established by the AICPA and GAAS, including “adequate practical experience for the work being performed” (Arens, et...

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