...Kristen Mihevc ACC/546 March 3, 2013 Scott Phillips March 3, 2013 Joe Bootwell Executive Senior Vice-President and CFO Apollo Shoes Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Mr. Bootwell, Thank you for taking the time to speak with Arnold Anderson, Darlene Wardlaw, and me last week. I understand from our conversation that you recently parted ways with your former auditing firm as a result of mutually incongruent goals. I appreciate your interest in Anderson, Olds, and Watershed (AOW) and want to explain some of the many audit and assurance services that my firm has to offer. As a publicly traded company, the Securities and Exchange Commission (SEC) requires Apollo Shoes to submit audited financial statements as part of its annual 10-K filing. The Sarbanes-Oxley Act of 2002 also requires auditors to attest to the effectiveness of internal controls in the financial reporting process. My firm has years of experience in supporting organizations with these requirements. Not only is an independent audit of financial statements required by law, but it can also serve to provide external stakeholders with assurance that your financial statements are fairly presented in accordance with generally accepted accounting principles (GAAP). These stakeholders, including banks, investors, and other creditors, rely on this assurance to assess the amount of risk involved in investing in your business. Often, a set of audited financial statements...
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... | | |Auditing | Copyright © 2009, 2008, 2007 by University of Phoenix. All rights reserved. Course Description In this course, students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role, planning the audit, audit reporting and required communications, evaluating internal controls, audit programs for current assets and liabilities, and audit programs for other business cycles. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Arens, A. A., Elder, R. J., & Beasley, M. S. (2006). Auditing and assurance services: An integrated approach (11th ed.). New York, NY: Pearson. Hayes, R., Dassen, R., Schilder, A., & Wallage...
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...Auditing Introduction Letter Lissete Castrillon ACC/546 February 3, 2014 Allan Foster Auditing Introduction Letter Larry Lancaster Apollo Shoes Chairman, President & CEO February 3, 2014 Shoetown, Maine Dear Mr. Lancaster Through the following letter I would like to thank you for trusting our firm AOW in planning your upcoming audit. You are already familiar with the process and what we review during this procedure, like auditing financial statements which include income statements, balance sheets, statements of cash flows and retained earnings. But before we go into these, I would like to give you some information of what our firm has to offer. Some of the services that we provide in our firm are a variety of audits threaded to the need of each company. Operational audits will study specific areas of a company with the sole purpose of measuring its performance; this can be measured by relying on the effectiveness and efficiency of a determined area, for example the sales department. This type of audit will benefit the profitability of a company because it can find the weakest and strongest link of each area. Financial audits which is what we will be doing for Apollo Shoes, entails the auditing of financial statements, the purpose of this type of audit is to ensure that the company is preparing financial statement according to GAAP regulation. It is very important to be compliant with these principals because the information that is given is what investors...
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...Auditing Introduction Letter October 25, 2007 Apollo Shoes Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Mr Lancaster, We would to thank you for choosing Anderson, Olds and Watershed for the audit of Apollo Shoes Inc. From our conversation last week we understand that your old auditors withdrew from the engagement and we very much look forward to working with you and your team through this 2007 fiscal year-end. At Anderson, Olds, and Watershed we have many years of experience working with manufacturing firms similar to yours and will be able to bring a better level of service to your company. As you may know, our firm provides a variety of audit and assurance services that would be of use to Apollo Shoes. The primary service we provide is the audit of the year-end financial statements of your company. As we are an independent auditing firm, we will provide an unbiased review of the financial statements including substantive testing for line items that make up the Balance Sheet, Income Statement, other accompanying schedules and footnote disclosures. We will be able to certify whether or not, in our opinion, the financial statements are not materially misstated. As Apollo Shoes is a publicly listed company, The Sarbanes-Oxley Act of 2002 requires that we make sure that Apollo Shoes establishes and maintains adequate internal control structure and procedures for financial reporting, as well as assessment of effectiveness of internal control. This will provide shareholders...
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...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 as well as the professional standards that auditors must meet during audits. Also this letter will outline the ethical implications of an auditor during the audit. Auditing and Other Assurances Services Provided Arnold, Olds, and Watershed offers three different types of audits to our client’s operational, compliance, and financial statements audits. As stated in meeting last week ‘according to the Sarbanes-Oxley Act 2002, we will need to test the effectiveness of Apollo’s internal controls’ (Apollo Shoes Inc. case study). In order for our auditors to test effectiveness of the company’s internal controls will need to perform an operational audit. Operational audit evaluates the efficiency and effectiveness of any part of an organization’s operating procedures and models (Arens, Elder...
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...Client Letter John Roth University of Phoenix ACC546 Auditing Mr. Bradford December 06, 2011 Client Letter Memorandum To: Larry Lancaster, CEO, Apollo Shoes From: Anderson, Olds, and Watershed Date: 12/12/11 Re: Audit Services Available Business nature dictates that companies must have yearly audit services provided when publicly traded. Additionally, companies not traded publicly benefit from audit services when obtaining loan or financial capital for the business. Apollo Shoes based in Shoeville, Maine and incorporated in Delaware has requisitioned Anderson, Olds, and Watershed to complete the audit for the current year. As an audit company, Anderson, Olds, and Watershed offers different types of auditing services for clients. Professionals define auditing as “the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent person” (Arens, Elder, and Beasley, p. 4, 2006). Where the accounting department of Apollo Shoes records and summarizes the economic events during a given period, auditing examines the information given to determine whether the data is properly recorded. The audit process will determine that the company is reasonably free of financial misstatements. Additionally, the audit will contain management report on internal controls. The next...
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...Auditing Introduction Letter ACC 546 October 29, 2012 Theresa Robinson, CPA Auditing Introduction Letter October 29, 2012 University of Phoenix Auditing Introduction Letter From: Audit Services Firm LLC To: Apollo Shoes, Inc. Management RE: Auditing and Assurance services The firm specializes in many features of business risk services such as internal audit start-up, quality assurance reviews, internal audit, internal assurance services, control testing, compliancy with SOX regulations, information technology risk assessments, business risk consulting and assessment, ERM implementation, acquisition due diligence, and fraud investigations (Clifton, 2012). The firm offers the financial statement audit that looks for properly prepared and formatted financial statements in accordance to GAAP (Generally Accepted Accounting Principles), and provides validity of the information (Arens, Elder, & Beasley, 2012). Through this process the auditors will be looking to achieve a high level of assurance to reassure the confidence of management, board members, and investors. Auditors in the firm are experienced in the specified industry and have complete knowledge and familiarity with retail rules and regulations concerning aspect of accounting procedures. The firm has the responsibility to be versed in various payment settlement systems and other auditing tools. The audits...
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...Auditing Introduction Letter University of Phoenix ACC 546 Auditing Introduction Letter To: Management of Apollo Shoes From: Martin & Associates, CPA Re: Auditing and Assurance Services Thank you for the opportunity to present the benefits and services that our firm offers. This letter is intended to explain the benefits of each option, our role in providing the available assurance services, and the qualifications required to meet the standard for the services offered. Martin & Associates has been serving our clients for ten years with a strong emphasis on the auditing and assurance services. Our firm takes pride in building trusting relationships, while performing an effective audit to aid in the success of our clients. First and foremost we must understand what auditing and assurance services are. According to Wikipedia, “The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project, or product. The term most commonly refers to audits in accounting, but similar concepts also exist in project management, quality management, and energy conservation.” When it comes to accounting audits are performed to establish the validity and reliability of information that is being reviewed, in addition to provide an assessment of the internal control system. The main goal of an audit is to express an opinion on the information that is being reviewed based on work that is being done on a test basis. Our firm’s...
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...Auditing Introduction Letter Hector J. Mercado-Santiago Auditing – ACC/546 Rafael Marrero-Díaz 26 de marzo de 2011 Auditing Introduction Letter Para: Apollo Shoes, Inc. De: Anderson, Olds, and Watershed Estimado Apollo Shoes, Inc. Primero que nada quiero agradecerle la oportunidad brindada para explicarle algunos puntos importantes relacionados a nuestra firma y los servicios que brinda. También antes de comenzar nos gustaría explicarle que auditoria significa “la acumulación y evaluación de la evidencia sobre la información que determina y reporta sobre el grado de correspondencia entre la información y los criterios establecidos”. (Arens, Elder, Beasley, 2006). Anderson, Olds, and Watershed tiene un enfoque de auditoria exitosa, y como auditor de esta firma nos aseguramos de que hay suficiente evidencia para ser auditada, como comprobar el control presente del ambiente IT de la empresa, los procedimientos sobre prueba de controles, la planificación de procedimientos de auditoría, y ayudar a otros auditores y expertos. Nuestra firma ofrece servicios de auditoría y muchas garantías que son beneficiosas para la empresa. Estos servicios consisten en cuatro diferentes tipos de certificación que le dan un informe sobre la fiabilidad de una afirmación. 1. Auditoría de estados financieros históricos 2. La eficacia sobre el control interno sobre la información financiera 3. Revisión de los estados financieros históricos 4. Otros servicios de certificación...
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...Auditing Introduction Letter Travis Alexander 8 June 2015 ACC/546 Eddie Professor Mr. Unum, I would like to first take the time to thank you for placing your trust in Anderson, Olson & Watershed, PLLC to perform the audit and assurance services for Apollo Shoes, Inc. While as a team we understand your organization has many needs that have been presented, we seek to exceed your expectations in our efforts and due care with consideration of your company’s goals of this process. There are a few items I would like to not only address for clarity but also to offer you and your colleague’s added peace of mind. To begin, Anderson, Olson & Watershed, PLLC offers an array of services that meet the needs of your firm. First, our audit team will conduct a systematic and independent examination of the company’s financial records including but not limited to the organizations books, accounts, documents, and any vouchers. This step is to measure and determine the truthfulness of the financial representation of the company as compared to the financial statements. Furthermore, in this review, our audit team will ensure the preparation of Apollo Shoes statements are properly maintained according to federal laws and regulations. We will use due diligence to gather the necessary materials, review, examine, and ultimately conclude with a decision based on our findings. In addition to the audit, we can offer many assurance services that will support the desired improvements...
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...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 Beasley “auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria.” Also, an assurance service is an independent professional service that promotes the quality of information. These services are regarded as valuable because they come from an independent and unbiased professional. Although there are so many auditing and assurance services our firm provide, I would explain a few and the popular once we have. First we do have the audit of historical financial statements. With this type of service, the auditor will assert that the statements are fairly stated according to an applicable standard, for instance, the International Accounting Standard or the U.S. Standards. Such...
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...Running head: Auditing Introduction Letter Auditing Introduction Letter From: Charles, Olds and Waterford, CPA To: Apollo Shoes Inc. Dear Mr. Lucas, As the auditor of a local audit firm, Charles, Olds and Waterford, I feel privileged of being given an opportunity to highlight certain aspects of our firm and the services we offer. Considering your precious time, I would try to keep the information as precise as possible. Our firm, Charles, Olds and Waterford has been in business successfully for like 15 years. We ensure that our clients have effective internal controls and efficient fraud detection procedures in place. Our firm always tries to develop close links with our audit clients. We employ highly educated as well as trained staff members and ensure that audit tools are of high quality. We have a successful audit approach as we greatly focus on understanding our clients’ business including their control issues, and incorporate diagnostic procedures, risk assessment procedures and audit testing techniques. The audit and assurance services offered by our firm would prove to be really beneficial to your company. There are four distinct types of these services through which we can verify whether an assertion is reliable or not. They are as follows: 1) “Audit of Historical Financial Statements 2) Effectiveness on Internal Control over Financial Reporting 3) Review of historical financial statements 4) Other attestation services that...
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...Auditing Introduction Letter From: Langroodi, CPA To : Management of Apollo Shoes, Inc. RE: Auditing and assurance services Dear Mr. Jason, First, I would like to appreciate to giving me this opportunity to explain a couple points related to our firm and services, so then I’ll try to make them understandable and short as much as I can; because I know how valuable your time is. Langroodi CPA has proud to being in business for more than 15 years and we always tried to build a close and comfortable relationship with our clients. We have the most educated and trained personnel and high quality audit tools. Our audit approach is successful because it concentrates on understanding the clients' business and control issues, and combines diagnostic process, risk assessment, and audit testing procedures. My role in providing assurance is to ensure that there is sufficient audit evidence, to check the control present in the IT environment of your firm, testing control procedures, planning audit procedures, and assisting other auditors and experts. I check if the tests of controls have been properly completed and if substantive procedures have been carried out properly. At this time, I would like to explain some points regarding our services. First, I want to explain, what auditing means: “Auditing is the accumulation and evaluation of evidence about the information to determine and report on the degree of correspondence between the information and establish criteria”. ...
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...Auditing Introduction Letter ACC/546 December 22nd, 2014 December 22, 2014 Anderson, Olds, and Watershed One Main Drive Seattle, WA 99304 Senior Vice President Research and Development Anderson, Olds, and Watershed One Main Plaza Ontario, CA 95112 Dear Apollo Shoes: I understand that environmental and energy-reduction concerns have been on your priority list for some time now. With rising energy costs and a slowing economy, I commend your efforts to explore additional ways Riordan Manufacturing can implement energy-saving programs and practices. As we have discussed over the past few weeks, Lunsford Environmental, Inc. has been providing consultation services to businesses just like yours for more than 20 years. With two decades of experience, our track record of saving costs speaks for itself. Clients of Lunsford Environmental have saved more than $250 million in energy costs. With this in mind, I am pleased that Lunsford Environmental has been able to develop a proposal that, once implemented, will add Riordan Manufacturing to our list of satisfied customers. Our tailored approach will help Riordan Manufacturing implement cost-effective and energy-saving practices that will increase your profits and reduce your environmental waste. Our staff of environmental experts and manufacturing engineers is confident, as am I, that our proposal will provide the best opportunities for your company to increase efficiency and reduce costs. The business...
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...说明 1. 本资料来源于英文版《How to get into the top MBA programs》,作者为Don Martin. 2. 第一部分为115份真实的ESSAY, 分别来自于17个不同背景的申请人. 3. 第二部分为对21个常见ESSAY问题的分析，包括问题的关键，常见错误，正确的回答方式. 个人认为这一部分比真实的ESSAY更重要. 4. 由于文件采用扫描和文字识别方法输入, 可能存在一些错误. 5. 此文件仅供CHASEDREAM网友参考使用, 请尊重原书版权, 切勿用于商业用途. Xiearmyxiearmy 零四岁末于美国穷乡僻壤 Chapter I Application Essay Examples INTRODUCTION This appendix contains 115 actual essays written, by 17 different applicants, for leading MBA programs. They address dozens of different essay topics. The applicants and their essays have been selected to give you the widest possible range of materials from which to profit. The first four applicants all applied to the University of Chicago. They were chosen by Chicago’s admissions director, Don Martin, according to my desire that they be from four very different people and of average quality for those admitted. In other words, these essays will show you exactly what you are competing against. They are of perfectly acceptable quality, but they should not discourage you. If you follow the lessons of this book you should be able to surpass each of these efforts. The second set of three applicants—Melissa, Doreen, and Carol—is taken from Columbia University’s files. Columbia’s admissions director, Linda Meehan, was asked to supply several applications, again from people of widely differing backgrounds, but this time of superior quality. I think that this group’s applications...
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