This website uses cookies to ensure you have the best experience. Learn more

Auditing Letter Essay

999 words - 4 pages

Auditing Introduction Letter
To: Apollo Shoes, Inc.
From: Lead Auditor Anderson, Olds, and Watershed (AOW)
Date: March 30, 2015
Subject: Auditing and Other Assurance Services Available
Dear Mr. Unum (Vice President of Finance),
Last week you meet with Arnold Anderson, CPA (partner in charge of the audit), Darlene Wardlaws, CPA (engagement manager) and me Ashely Bishop (lead auditor) you discuss with us Apollo Shoes, Inc. decision in dismissing your current engagement with Smith & Smith auditing firm. At AOW we are glad you decided to bring us abroad. This letter will include information regarding the services that Anderson, Olds, and Watershed is able to provide to our clients ...view middle of the document...

36). In order to make sure you are following these procedures, rules and regulations we will conduct compliance audit. The last audit of the three we perform is financial statement audits. Financial statements audits are conducted to determine whether the financial statements are stated in accordance with Generally Accounting Accepted Principle (GAAP) (Arens, Elder, and Beasley, p.37). In financial audit our auditor will gather information to determine if there are any material errors or other misstatements. At AOW we also offer other assurance service such as audit of historical financial statements, audit of internal control over financial reporting, review of historical financial statements, and attestation on information services. Our auditor will issue written report expressing an opinion on whether the financial statements are in accordance with GAAP in audit of historical financial statements.
Professional Standards for Services Offered
AOW is an independent audit firm since we claim independent we need to follow the standards in accordance with Generally Accepted Auditing Standard (GAAS.) GAAS AU Section 150 paragraph .02 states “general, field work, and reporting standards (10 standards) approved and adopted by the membership of the AICPA, as amended by the AICPA Auditing Standards Board (ASB), are as follows:
General Standards
1. The auditor must have adequate technical training and proficiency to perform the audit.
2. The auditor must maintain independence in mental attitude in all matters relating to audit.
3. The auditor must exercise due professional care in the performance of the audit and preparation of the report.
Standards of Field Work
1. The auditor must adequately plan the work and must properly supervise any assistants.
2. The auditor must obtain a sufficient understanding of the entity and its environment including its internal control, to assess the risk or material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.
3. The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial...

Other Papers Like Auditing Letter

Auditing Standard Essay

1871 words - 8 pages loss. References Alan, R., & Brian, P. G, Philip, B. (2013). How Certain Engagement Letter Clauses Affect the Auditor's Assessment of Perceived Engagement Risk for Nonissuers. Journal of Accounting, Auditing & Finance, 28(4), 397-420. FRC (2009) International Standards on Auditing (UK and Ireland) 200. https://www.frc.org.uk/Our-Work/Publications/APB/ISA-200-Overall-objectives-of-the-independent-audi.pdf FRC (2009

Engagement Letter Essay

658 words - 3 pages October 3, 2011 Mr. Larry Lancaster, Chairman, President & CEO Apollo Shoes Shoetown, Mn Dear Mr. Lancaster: This letter is to confirm our understanding of the terms and objectives of our engagement. The audit will consist of auditing the financial statements to include the income statement, balance sheets, statement of retained earnings, and the statement of cash flows At the conclusion of the audit, we will state our opinion

Week 3 Assignment

761 words - 4 pages the collection of audit evidence in response to those risks (Boynton & Johnson, 2006). 3. If you are auditing the existence and occurrence assertion, what specific audit objectives should be accomplished by developing an audit program? Explain the purpose of each audit objective. When auditing the existence and occurrence assertion in the transaction objectives of occurrence and cutoff. With occurrence the audit ensures that transactions

Standard Accountin Auditing

1973 words - 8 pages Financial Information The Examination of Prospective Financial Information (Previously ISA 810) ASE ISAE 3000 (Revised) ISAE 3400 - b b 10 Annexure II PSE F International Standards on Related Services Engagements to Perform Agreed-upon Procedures Regarding Financial Information (Previously ISA 920) Engagements to Compile Financial Information (Previously ISA 930) b b ASE ISRS 4400 b b ISRS 4410 G ATR 2 ATR 5 MICPA Auditing Technical Releases Standard Letter of Request for Information from Banks/Finance Companies for Audit Purposes Guidance for Auditors on the Review of Directors’ Statement on Internal Control b b 11

Cpa Audit Wk1

1486 words - 6 pages Chapter 2, pp. 41-44: Problems 2-7, 2-10, 2-16, 2-20 Chapter 3, pp. 67-69: Problems 3-23, 3-25, 3-26 2-7 (Objectives 2-2, 2-4, 2-5) Who is responsible for establishing auditing standards for audits of public companies? Who is responsible for establishing auditing standards for private companies? Explain. A. For public companies, the standards are established by the PCAOB, whereas the standards for all non-public entities are set by the

Asic Case Study

1532 words - 7 pages the principles and expectations governing the behavior of individuals and organizations in the conduct of internal auditing. It describes the minimum requirements for conduct, and behavioral expectations rather than specific activities. Fundamental Principles The Code of Ethics mandates that internal auditors behave and practice with integrity, objectivity, professional competence and due care, confidentiality and professional behaviour

Small Medium Enterprise: Demand for Auditing

3761 words - 16 pages . Apart from that, there may be complications may arise in auditing a small medium business due to the inexperience of small business owners or management. According Todd (1990), one of the problems associated with auditing small scale business is the “lack of experience of small-business managers”. This may lead the managers to believe that fees of external auditors are too high or that the management letter is not helpful. Furthermore, it is

Audit Introduction Letter

655 words - 3 pages Anderson, Olds, and Watershed Certified Public Accountants 27 First Street, 2nd Floor Astoria, Florida 12346 September 5, 20xx Apollo Shoes, Inc. Larry Lancaster, CEO 1 Moccasin Drive Shoetown, ME 98765 Dear Mr. Lancaster: Thank you for the opportunity to provide you with some information that will help you understand how our accounting firm can be an asset to your business. Our firm will provide auditing and assurance

Cpa Uniform Paper

1809 words - 8 pages Public accountants work for individual clients and businesses to provide professional accounting services such as auditing financial statements and resolving tax issues. Accountants can provide advice on business matters such as the advantages of healthcare plans and compensation packages for employees. Public accountants in Texas must qualify for certification by meeting education and experience requirements and must pass the Texas Uniform CPA

Audit Engagement Letter

1195 words - 5 pages the negligence, or otherwise of the Philippine Institute of Certified Public Accountants, its employees, servants or agents, or of the authors who contributed to the text. Yours truly, _____________________ Mr. Arcee C. Dayego DEF Auditing Firm, Inc. We agree to the terms of this letter. Signed for and on behalf of _____________________ Mr. Juan Dela Cruz President, ABC Company

Audit Process Letter

1402 words - 6 pages Audit Process Letter Laura Sferra ACC/546 November 23, 2015 Allen Foster Mrs. Susan Right Senior Partner Anderson, Olds, and Watershed 1 Shoe Street New York, NY. 90001 Dear Mrs. Right, Mr. Lancaster, President of Apollo Shoes, has expressed his satisfaction with the services that our firm offers and would like to continue with a full audit. Because our client does not want our

Related Essays

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

Auditing Introduction Letter Essay

1073 words - 5 pages The purpose of this letter is to introduce the accounting firm of Edronibug and to explain the auditing and assurance services we can offer to Apollo Shoes and the benefit of each service. I will also explain my role in providing these auditing and assurance services and provide a description of the requirements for meeting the professional standards for the assurance services offered to Apollo Shoes. Auditing and Assurance Services According

Apollo Shoes Auditing Introduction Letter Essay

403 words - 2 pages Auditing Introduction Letter Audit Introduction Letter Auditing Introduction Letter Auditing Introduction Letter Auditing Introduction Letter Apollo Shoes Letter Apollo Shoes Introduction Letter Apollo Shoes Introduction Letter Apollo Shoes Engagement Letter Apollo Shoes Letter Apollo Shoes Cash Audit Auditing Introduction Introduction Letter Financial Statement Fraud Schemes On Apollo Shoes Apollo Shoes Audit Engagement Letter Apollo Shoe Business Paper Apollo Shoes Audit Independence Letter Apollo Shoes

Audit Introduction Letter Essay

1037 words - 5 pages Audit Introduction Letter July 30, 2012 Mr. James Apollo Apollo Shoes 12345 Somewhere Street Anywhere, USA 01234 Dear Mr. Apollo, I would first like to thank you for choosing Miskimen CPA Firm to handle your company's auditing and assurance needs. With Miskimen CPA firm you will undoubtedly receive the highest level of work from knowledgeable Certified Public Accountants who have an excellent track record. Each CPA within the firm are