...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 and assurance...
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...Wyndham Hotels & Resorts 22 Sylvan Way Parsippany, NJ 07054 Dear Mr. Danziger: I have received your request that I complete an audit of the financial statements for Wyndham Hotels & Resorts. I am pleased to confirm my acceptance and understanding of this audit by means of this letter. I will conduct this audit with the objective of expressing an opinion on the financial statements concerned. Contained within this letter you will find information as to how I will conduct the audit, as well as what information is required of your company. My Responsibilities I will conduct and audit of your financial statements in accordance with The United States of America’s generally accepted auditing standards (GAAS). These standards require that I plan and perform the audit to gain reasonable assurance that the financial statements are free of material misstatement. An audit will include evaluating the appropriateness of accounting procedures and the reasonableness of significant accounting estimates made by management. I will evaluate the overall presentation of financial documents as well. Finally I will consider your company’s internal controls relevant to preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstance. Management Responsibilities My audit will be conducted on the basis that management understands that they have responsibility a) for the preparation and fair presentation...
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...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 firm to talk to the predecessor auditor, I recommend accepting a prospective engagement after I perform an investigation by gathering information about our client's reputation and background. Client acceptance and continuance procedures are the foundation of the risk assessment process (SAS No. 8). Upon acceptance of our client, I am confident that we will be able to move forward under the AICPA auditing standards to determine that the financial reporting framework is appropriate. My objective is to plan the audit so that it is conducted efficiently and effectively, in accordance with Generally Accepted Auditing Standards. I will take into consideration the preliminary planning activities such as the client acceptance, ethical position of our audit firm and our understanding of the entity and its environment, including its internal control, to develop an effective and efficient overall audit strategy that will appropriately respond to assessed risks. Our engagement letter, will include the timetable of fieldwork, the scope and duration of...
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...Anderson, Olds, and Watershed, CPAs 123 Main Street Syracuse, NY 13210 October 26, 2007 Larry Lancaster Apollo Shoes 987 Genesee Street Syracuse, NY 13210 Dear Mr. Lancaster Re: Audit and assurance services I am aware that Apollo Shoes would like to obtain audit and assurance services from Anderson, Olds, and Watershed (“AOW”). Please allow me to thank you and for choosing AOW, one of the best accounting firms in the state of Arizona. This letter displays several main auditing and assurance services that Phoenix has to offer to fit Apollo’s concerns and benefits from obtaining such services. In addition, I will express my role involved in each provided service as well as the requirements for meeting the standard by the services this company offers. Assurance Services Assurance services are “independent professional services that improve the quality of information for decision makers” (Arens, Elder, & Beasley, 2011, p. 8). Either certified public accountants (CPAs) or specialized professionals perform audit and assurance services here at Phoenix International. Assurance services focus on historical financial statement information. The most commonly used assurance service is that of attestation services. Attestation services consist of the “(1) audit of historical financial statements, (2) effectiveness of internal control over financial reporting, (3) review of historical financial statements, and (4) other attestation services that may be applied...
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...December 31, 2015. I will audit the financial statements of the governmental activities, and each major fund, and the aggregate remaining fund information, which collectively comprise the entity’s basic financial statements, of the ABC Company as of and for the year ended December 31, 2015. Audit Objective The objective of this audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material aspects, in conformity with the generally accepted accounting principles and to report on the fairness of the additional information referred to in the first paragraph when considered in relation to the basic financial statements taken as a whole. Responsibilities of the Auditor We have a statutory responsibility to report to the members whether in our opinion the financial statements give a true and fair view of the state of the company’s affairs and of the profit and loss for the year and whether they comply with the government regulations in reporting. In arriving at our opinion, we are required to consider the following matters, and to report on any in respect of which we are not satisfied: (a) whether proper accounting records have been kept by the company; (b) whether the company’s balance sheet and profit and loss account are in agreement with the accounting records and returns; (c) whether we have obtained all the information and explanations which we think necessary for the purpose of our audit; (d) whether the...
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...Dear Mr. Larry Lancaster, This letter provides an explanation on how I intend to carry out the audit process plan on Apollo Shoes Company internal audit services. The audit process will involve a series of steps. After receiving Apollo Shoes Company’s preliminary list such as the financial statement and organizational charts, I will plan the review while primarily conducting a risk workshop which will assist me in the process of identifying the key risks and raising awareness on the risks. Later I will draft the audit plan and schedule an open meeting with Apollo Inc. Company. In the open meeting, the senior management and the administrative staff who are to be involved in the process of Auditing must be present. During this meeting I will conduct a discussion on the audit scope where I will expect the available individuals to ask me any questions regarding the review areas they are concerned about. The audit timeframe will be determined and potential timing issues discussed such as deadlines that could impact the audit. After the open meeting, I will finalize the audit plan before beginning the field work. During fieldwork I will talk with the staff members, conduct a procedural manual review, and learn about the processes of the business, test for compliance with any applicable policies, procedures, laws and regulations and finally access how adequate the internal controls are. At this point I will make the staff know that I will schedule meetings with them during the process...
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...Superannuation Fund Street Suburb, State, PCode Dear Trustee(s), AUDIT ENGAGEMENT – YEAR ENDED 30th June 2007 Thank you for my appointment as auditor of your Superannuation Fund. As it is necessary to clarify my role to you, under the Superannuation Industry (Supervision) Act 1993 (the SIS Act) and Regulations, I wish to set out the detail of my terms of engagement as follows: 1. Audit of Financial Report In accordance, with section 113 of the Superannuation Industry (Supervision) Act 1993 (SISA), the financial report of a regulated superannuation fund must be audited by an approved auditor. The auditor must give the trustees an audit report on the financial report in the approved form within the prescribed time after the year of income to which the financial report relates. I direct your attention to the fact that the trustees are responsible for the maintenance of adequate accounting records and internal controls, the safeguarding of superannuation fund assets, the selection of accounting policies and the preparation of financial reports and returns. The trustees are required to keep minutes of meetings, reports and records of trustee changes for a period of at least 10 years. My audit will be conducted in accordance with Australian Auditing Standards. Those auditing standards require that I comply with relevant ethical requirements relating to auditing engagements and that I plan and perform the audit to obtain reasonable assurance that the financial report is free...
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...Shoes. We will provide independent professional opinions so that you can make better business decisions and will be better informed. First off, we will perform an audit of the financial records during the time period we are engaged for. Our auditor will next review their findings and express their opinion as to the as to the financial statements being presented fairly and in compliance with U.S. GAAP. The review is performed to make sure there are no material misstatements with the financial data. Examples of assurance services include accounts receivables reviews, business risk assessment, information systems security, a comfort letter, or an internal audit outsourcing. The benefits of audit and assurance services will include that the management team of Apollo Shoes will be able to evaluate the results of the audit and make suggestions for corrective actions and exercise operative controls. Secondly, a benefit of an audit is to help management test their current policies and procedures for internal controls to see if what is currently enforced is effective and if not, it is time for a change. Next, an audit can help keep the accounting staff on a path of smart decisions by hoping to reduce omissions and errors since they know their work is continually being auditing by our firm. Finally, and audit scrutinizes the accounting procedure by segregating the truth in the information...
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...2008 Dr. Beatrice Simcoe, President Brant Animal Hospital Professional Corporation 100 Brant Street, Burlington, Ontario L1L 1L1 Dear Dr. Simcoe: We have been engaged to audit the financial statements of Brant Animal Hospital Professional Corporation (“the Company”) for the year ended December 31, 2007. Canadian Generally Accepted Auditing Standards (GAAS) requires us to communicate at least annually with you regarding all relationships between the Company and us that, in our professional judgment, may reasonably be thought to bear on our independence. In determining which relationships to report, these standards require us to consider relevant rules and related interpretations prescribed by the appropriate provincial institute and applicable legislation, covering such matters as: • holding a financial interest, either directly or indirectly, in a client; • holding a position, either directly or indirectly, that gives the right or responsibility to exert significant influence over the financial or accounting policies of a client; • personal or business relationships of immediate family, close relatives, partners or retired partners, either directly or indirectly, with a client; • economic dependence on a client; • provision of services in addition to the audit engagement; • making journal entries or accounting classification without first obtaining the approval of management; • fee quote considerably less than market price; • performing...
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...including auditing your financial statements, attestation services, controls over and risks related to investments, and fraud and illegal acts risk assessment. Auditing Service When it comes to auditing, we are here to audit your financial statements. According to Arens, Elder, and Beasley (2012), 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 (Chapter 1). Our goal is to independently verify the financial statements produced by your company. My team will test revenue, expenses, purchasing, and many other items during our financial statement audit. This should give you the confidence in the information your company is putting out. Assurance Service In addition to the auditing service that AOW will provide to Apollo, we are also prepared to offer assurance services such as attestation services, controls over and risks related to investments, and fraud and illegal acts risk assessment. Attestation services include audit of internal control over financial reporting, reviews of historical financial statements, and attestation services on information technology. According to Arens, Elder, and Beasley (2012), for an audit of internal control over financial reporting, management asserts that internal controls have been developed and implemented following well established criteria (Chapter 1). Reviewing your historical financial...
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...design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether do to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating...
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...September 15, 2007 Mr. S. Robson Walton Chairman of the Board Mr. William S. Simon CEO, Wal-Mart U.S. Wal-Mart Stores, Inc. 702 S.W. 8th Street Bentonville, AR 72716 Dear Messers, Walton and Simon: Thank you for your interest in our firm and for meeting with us on September 8th to discuss how we can assist you in analyzing certain aspects of Wal-Mart U.S. based operations. This letter serves as confirmation of our discussions and the agreements made between us at the meeting. Background 1, 2, 6 Wal-Mart is considered one the largest global retailer with $419 billion in annual revenues and more than 2.2 million employees throughout the world. Wal-Mart is successful in its consumer commitment to offer “Every Day Low Prices” (EDLP) thanks to its aggressive cost management concepts. Wal-Mart also serves as a leader on social issues. Their focus on global responsibility has made worldwide changes in how products are procured, packaged and shipped. Wal-Mart’s U.S. business unit is the largest of the three reportable business segments and operates in a very unique environment, supporting the largest economy in the world, the United States of America. U.S. segment revenues and gross profit margin have been stagnant over the last year and the company has implemented a four-point plan to improve comparable store sales. The U.S. reporting unit has been working through several class action lawsuits that could have a tremendous impact against future financial...
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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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...Letters Accountants write letters of variety of people, different types of accountant writes different letters to different types of people. There are some principles of good letter writing that are introduced in this chapter such as: organization, style, tone, and format. Before we start with the letter, we need to have a clear understanding of what the letter should cover so that we won’t forget something important. The length of the letter doesn’t matter although many letters are no longer than a page. We also need to analyze the purpose of the letter before we start writing it. It’s also important to think about the reader that we are writing to, the reader’s knowledge and experience should determine how much detail we should use in our business letters. Sometimes we much explain complex accounting procedures in the words that a non-accountant can understand. Our letter is organized into an introduction, a body, and a conclusion. The introduction of the letter should address the main idea that we are trying to express and the purpose of the letter that we are writing. The body of the letter is divided into different discussions of each topic. Arrange the topics in descending order of importance from the reader’s point of view, this is really important. The conclusion may be a conventional courteous closing: thank you very much for your help. The conclusion is also a good place to tell the reader what we want him or her to do, or what we will do to follow up on the subjects...
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...Home Poetry Book Contest Poetry Book Contest Brick Road Poetry Book Contest Michael Meyerhofer was selected as the winner of the 2010 Brick Road Poetry Book Contest for his manuscript entitled, Damnatio Memoriae. The 4 additional finalists were: Rupert Fike, Lotus Buffet Grey Held, Two-Star General Jamie Thomas, Etch and Blur Toni Thomas, Chosen Jason Schossler, Mud Cakes (scheduled for publication elsewhere) 4 of our finalists, all but Jason Schossler, are scheduled to be published by Brick Road Press. *** The first place winner receives a publication contract with Brick Road Poetry Press and $1000 prize, publication in both print and ebook formats, and 25 copies of the printed book. We may also offer publication contracts to the top finalists. Adhere to all the "general submission" manuscript guidelines. (provided below) Entry fee $25, payable through the online submission manager. If sending hard copy, please include a Check or money order to "Brick Road Poetry Press, Inc." Deadline: November 1, submission accepted starting August 1. Submit via the Brick Road Poetry Press Submission Manager Manuscript Guidelines * Book-length poetry manuscripts only. * Simultaneous submissions accepted, provided we are immediately informed if the manuscript is accepted elsewhere. * Original collection of 50 to 100 pages of poetry, excluding cover page, contents, acknowledgments, etc. * Single sided, single spaced. We prefer no more than one poem...
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