Auditing Introduction Letter Essay

1204 words - 5 pages

22851 Center Street
Castro Valley, CA. 94546

May 6, 2013.

Mr. Charles
Apollo Shoes
123 Market Street
Phoenix, Arizona 44444

Dear Mr. Charles,
AUDITING INTRODUCTION LETTER
I am writing this letter to introduce myself, my company, and the auditing and assurance services we can offer to Apollo Shoes. I will also discuss the benefits of our services as well as the role we will provide and the requirements for meeting the standards for the services we offer. Our firm has been in business for over 15 years and has the necessary expertise to provide your company with the related services.
Auditing and Assurance Services Available
According to Arens, Elder, and ...view middle of the document...

Section 404 of the Sarbanes-Oxley Act requires that companies report management’s assessment of the effectiveness of internal control. The act also requires that an auditor attest to the effectiveness of internal control over financial reporting. For such an audit, management must assert whether internal controls have been developed and implemented according to established criteria.
Our company also reviews historical financial statements. With this review, management asserts that the financial statements are fairly stated according to an accounting standard. This is the same as an audit. However, a lower level of assurance for review is given.
We also provide attestation services on information technology. For this attestation, management asserts the reliability and security of electronic information. Because transactions and information are conducted and shared over the Internet, businesspeople demand an assurance about information, transactions, and the security protecting them.
We also provide an operational audit. This type of audit evaluates the efficiency of a firms operation methods and procedures. At the end of an operational audit, we make recommendations as to what needs to be improved. For instance, we may evaluate the efficiency and accuracy of payroll transactions in a computer system.
The Benefits of Auditing and Assurance services
There are numerous benefits of auditing and assurance services. One benefit of an audit of historical financial statement is that the audited statement can be used to obtain financing from banks and other financial institutions. Also government and not-for-profit organizations use this audits to meet the requirements of funding sources. Moreover, public companies are required by law to have such an audit as part of their financial report to the SEC.
The benefit of an audit of internal control over financial reporting is that the evaluation increases user confidence about future financial reporting. This is because an effective internal control reduces the likelihood of misstatements in future.
Also the benefit of a review of historical financial statements is that they are less expensive than an audit. Many non-public companies use this attestation to provide limited assurance about financial statements without spending too much on an audit.
The benefit of attestation services on information technology is that they reduce the risks of losing sensitive information. They also protect the confidentiality of such information.
The last benefit is the benefit of an operational audit. This review is not only limited to accounting. This review may cover the evaluation of computer operations, production operations, and other areas where we are qualified like organizational structure and marketing.
My Role in Providing the Available Services
As the lead auditor, my role is to assemble the audit team that...

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