...Apollo Shoes Letter ACC/546 University Of Phoenix Eric Unum Vice-President-Finance Apollo Shoes Inc. Dear Sir, It is our pleasure to introduce our firm as one with a professional and committed reputation in which proceeds us. Our firm offers exceptional audit and assurance tools, resources, and personnel to provide your company with highest quality of audit and assurance services available. We provide objective, reliable, and comprehensive auditing services, in which our staff of qualified auditors fully comply with. Our assurance programs are specifically designed to meet the needs of your company. We offer program assurance services that monitors and measures your company's system safety program and process to determine its effectiveness. Our firm is respected for our professionalism and commitment to providing high value services to our clients. I am a Certified Public Accountant (CPA) with over seven years of auditing field experience. In my position as the senior audit partner, my role in the audit will be to oversee the entire process. I will also ensure that there is sufficient evidence to check the present controls, test the controls, plan the audit procedures, and assist other parties involved, as needed. At any time during the audit, if any problems emerge you will be immediately notified and kept informed on issues throughout. It will be my responsibility to ensure that all auditors are performing their duties as expected during the entire audit process...
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...October 17, 2011 Mr. Larry Landcaster, President and Chairman Apollo Shoes, Inc. Dear Mr. Landcaster: This letter is to introduce you to our auditing services and other assurance services we offer. In addition to just an audit of your financial statements, we would like to offer and inform you of some of our assurance services. Offers we would like to include with your audit are annual contracts for unlimited attestation services, WebTrust, and a quarterly review of interim financial information. We will audit the consolidated balance sheet of Apollo Shoes, Inc. as of 9/30/2011 and the related consolidated statements of operations, retained earnings (deficit), and cash flows for the fiscal year then ended. Our audits are conducted in accordance with auditing standards generally accepted in the United States and include tests of your accounting records and other procedures we consider necessary to enable us to express such an opinion. At the end of our audits, we discuss any and all findings and indicate so in our opinion letter. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or to issue a report as a result of this engagement. Our annual attestation package is one of our assurance services that allow for your company to bypass individual engagements for specific attestations. For instance, when your financial institution requests a CPA to report in writing whether...
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...A.L.A.Y Certified Public Accountants DATE Dear Mrs, Smith: This will confirm our understanding of the arrangements for our audit of the financial statements of Apollo Shoes, for the year ending December 31, 2015. We will audit the Company's balance sheet as of December 31, 2015, and the related statements of income, retained earnings, stockholders equity, and cash flows for the year for the purpose of expressing an opinion on them. The financial statements are the responsibility of the Company management. Our responsibility is to express an opinion on the financial statements based on our audit. We will conduct our audit in accordance with Generally Accepted Auditing Principles (GAAP). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. It will require examination through various tests and evidence supporting the amounts and disclosures in the financial statements. The audit will also include assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit will provide a reasonable basis for our opinion. Although the audit is designed to provide assurance to detect error and irregularities that are material to the financial statements, it is not designed and cannot be relied upon to disclose all fraud or other irregularities. However...
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...June 10, 2013 Larry Lancaster Apollo Shoes, Inc. Shoetown, ME 00001 Dear Mr. Lancaster: This letter is to confirm the understanding of the objectives for the financial statements audit for Apollo Shoes, Inc. We are pleased to perform the financial statement audit for Apollo Shoes, Inc. for the year ending December 31, 2012 and at the end of the audit will provide an opinion of the completeness and fairness of the material presented. This opinion will include the financial position, results of operations, cash flows, and how the information conforms to generally accepted accounting principles in the United States. At this time our audit staff has accepted this engagement, and would like to confirm the audit objectives, terms, and nature of services to be provided for this engagement. The audit will be conducted in accordance with generally accepted auditing standards in the United States and internationally. These standards require our company to plan and perform the audit to obtain assurance the financial information presented in the statements is free from errors or material misstatements whether unintentional or due to fraud. Our firm will provide reasonable, but not absolute assurance within the opinion at the end of the audit. Audits do have an inherent risk of material misstatements existing but escaping the examination of the auditors. This is unavoidable due to the limitations of accounting and inherent limitations of any internal control...
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...Xxxx xxxxxxxxxx March 10, 2015 Mr. Larry Lancaster, CEO Apollo Shoes, Inc. Shoetown, Maine Dear Mr. Lancaster My name is xxxxxxxx. I am the Audit Manager at Anderson, Old, and Watershed, CPAs, LLC. I have been with Anderson, Old, and Watershed, CPAs, LLC little over 10 years. I have provided and continue to provide various auditing and assurances services to our clients. I have extensive background in retail industry. I am writing this letter to confirm our upcoming arrangement with Apollo Shoes and briefly introduce you to our company. Anderson, Old, and Watershed, CPAs, LLC is a nationally renowned firm that offers complete set of services design to help businesses achieve and exceed their business goals. Our services include; * Auditing & Assurance Services * Accounting & Booking Services * Tax Services * Management Services Our firm is one of the leading providers of audit & assurance services in the nation. Within our audit services, we provide operational, compliance, and financial statement audits. As we have discussed previously, we believe that our audit services will be a great benefit to your company. Operational audits study the specific parts of the organization with the purpose of measuring its performance. The overall benefit of these types of audits can positively affect the profitability of the organization. Through our operational audits, at an early stage, an analysis can be performed in order to correct an issue...
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...Engagement Letter Apollo Shoes, This letter is to confirm our understanding of the terms and objectives of our engagement and the nature of the services we will provide. We will audit the consolidated balance sheet of Apollo Shoes as of year end 2007, and the related consolidated statements of operations, retained earnings, and cash flows. The objective of our audit is the expression of an opinion about whether your consolidated financial statements are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. Our audit will be conducted in accordance with auditing standards generally accepted in the United States and will include tests of your accounting records and other procedures we consider necessary to enable us to express such an opinion. If our opinion is other than unqualified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or to issue a report as a result of this engagement. Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, tests of the physical existence of inventories, and direct confirmation of receivables and payables and certain other assets and liabilities by correspondence with selected customers, creditors, and financial institutions. Also, we will plan and...
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...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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...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 auditing and assurance services offered by AOW that Apollo Shoes may find beneficial now or in the future, an explanation of the role AOW will take on in the aforementioned engagement, and a description of the requirements on AOW to meet the standards for these offered services. Auditing and Assurance Services The management of Apollo Shoes can expect the highest level of service from AOW. AOW offers a variety of assurance and audit services, as well as a variety of accounting services, to meet the financial and accounting needs of its clients. One type of assurance service the company is able to provide is an attestation service “in which the CPA firm issues a report about the reliability of an assertion that is made by another party” (Arens, Elder, & Beasley, 2012, p. 9). These assurance...
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...Auditing Introduction Letter 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...
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...12345 January 13, 2013 Apollo Shoes, Inc. 123 Main St. Anytown, AZ 12345 Dear Apollo Shoes, Inc. Management: It is with great pleasure that I introduce myself to you and say how pleased we are that you have chosen our firm for your auditing and assurance needs. My name is Paula Smith, and I am the Senior Auditor, in charge of your account. I will be working with you throughout the process of our engagement. I would also like to take this opportunity to highlight some details for you to make the audit process a smooth one. First, you can expect an engagement letter from us within the next 5 days from the date of this letter. The engagement letter will outline our agreement to the type of audit you have selected and what our role and responsibilities will be in performing the audit as well as your own. The engagement letter is more than a letter, it also a contract that outlines the limits of the audit as well as details the scope of services we will provide based on your selection, our fees and billing, how and what communication is needed between our firm and you, and if a dispute arises how we hope to resolve that. I recommend carefully reviewing the engagement letter and discussing it with legal counsel before signing the engagement letter. After reviewing and signing the engagement, please provide a signed copy to our firm so we can begin the audit and ensure deadlines are met. Once receiving the signed engagement letter, our office will call to set...
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...To: Apollo Shoes Board of Directors, Audit Committee From: Joe Gish, CPA RE: Audit Introductory Letter Gentlemen and Ladies: It is with great pleasure that our firm, JK CPA will be conducting the annual audit of Apollo Shoes. This is a tremendous responsibility that JK CPA will undertake in being the auditors for your prestigious firm. Over the next two months, we will conduct various tests of the accounts to determine within reasonable assurance that the financial statements are free from material misstatements. Within two weeks we will send out exactly what we need from the accounting and internal audit department. This way, we want this audit to be as smooth as possible. In addition, we will also send out a detailed engagement letter along with a checklist, which will also contain our plans and goals to accomplish for the audit. I have made sure we have a solid team in place that is well versed in manufacturing and distributing companies such as yours to give you the top auditors in the field, so you can rest assured that JK CPA will cover all of your needs and then some. Once again, thank you for your choice in JK CPA as your auditors we look forward collaborating now and in the years to come. Engagement Letter: John Doe, CFO Apollo Shoes 1234 W. Main Street Anywhere, USA 00000 Dear Mr. Doe, This letter is to confirm our understanding that JK CPA will perform the audit of the financial statements of Apollo Shoes. The primary objective is...
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...Beginning the Audit – Apollo Shoes Anderson, Olds & Watershed, CPAs, LLC Phoenix, AZ 85210 October 15, 2012 Mr. Larry Lancaster Chairman, President & CEO Apollo Shoes 1 Shoeplace Shoetown, Maine 00001 Dear Mr. Lancaster, The Objective and Scope of the Audit of the Financial Statements You have requested that we audit the financial statements of Apollo Shoes Incorporated, which comprise the balance sheet as of December 31, 2012, and the related statements of operations, changes in equity and cash flows for the year end, and the related notes to the financial statements. We are please to confirm our acceptance and our understanding of this audit engagement by means of this letter. Our audit will be conducted with the objective of our expressing an opinion on the financial statements. The Responsibilities of the Auditor We will conduct our audit in accordance with auditing standards generally accepted in the United States of America. The standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material of the financial statements, whether due to fraud or error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall...
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... President, and Chief Executive Officer Apollo Shoes, Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Mr. Lancaster: This letter will confirm our understanding of the arrangement for our engagement of an independent audit of the internal controls of Apollo Shoes, Inc. This letter will outline the nature and limitations of the services we will provide. Anderson, Olds, and Watershed will provide consultation to Apollo Shoes Inc. about the internal control requirements of the 2002 Sarbanes-Oxley Act (SOX) Section 404 and test the internal controls to identify any significant deficiencies and/or material weaknesses. Statement on Auditing Standards (SAS) 115 states that these are matters that warrant the attention of management, our purpose is to provide our opinion and recommendation. At the conclusions of the engagement we will provide to Management and the Audit Committee a detailed report, including an executive summary, of all findings and recommendations. The purpose of this engagement letter is to define the terms of contract between Anderson, Olds, and Watershed and Apollo Shoes, Inc. and to identify the assurance services to be provided. This letter will also provide background information on the following conditions: * Significant regulations and guidelines related to audits of internal control * Relationship between internal controls and the audit process * Internal control risks identified with Apollo Shoes * A brief synopsis of our responsibility...
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...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 about whether your financial statements are fairly presented and is in accordance with Generally Accepted Accounting Principles (GAAP). Our audit will be conducted in accordance with auditing and will include tests of your accounting records and other procedures we consider necessary to enable us to express an opinion. If our opinion is other than unqualified, we will discuss the reasons with you in advance. If we are unable to complete the audit or are unable to form or an opinion, we may decline to express an opinion or to issue a report as a result of this engagement. Our audit will include tests of documentary evidence supporting the transactions recorded in the accounts, tests of inventories, accounts receivables, accounts payables, assets and liabilities. At the completion of our audit, we will require documents from you about the financial statements and related items. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. We will plan and perform the audit...
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...ACC/546 Auditing Week 1 Assignment – Assurance Services Professor Foster To: Apollo Shoes From: Small Firm CPA, Chris Matthews, Lead Auditor RE: Assurance Services Based on the accounting department meeting on January 10, below is an outline of the primary assurance and attestation services offered by Small Firm CPA. This outline will provide the company with additional detail regarding key distinction between these service offerings as well as their intended use. In addition to highlighting each of the areas of service, the attached brief summary includes some of the requirements for providing the different levels of service offered by Small Firm CPA. Services Offered As a part of providing accounting service to our clients, Small Firm CPA offers a wide range of assurance and attestation service that are intended to provide surety surrounding a company’s financial statements, accounting functions, and business operations. To provide this level of surety, Small Firm CPA offers services with vary levels of scope, review, and focus. Below is a summary of the primary assurance and attestation service offerings: * Financial Statement Audits – Financial statement audits are generally the most comprehensive review of a company’s financial position and assertions. These engagements are designed to provide the highest level of assurance regarding the company’s financial reports using generally acceptable accounting procedures. The financial statement reports...
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