...Clearview Manufacturing Engagement Letter December 31, 2003 Dear David G., You have requested that we assess the Fraud Risk of Clearview Manufacturing using company backround, processes, and financial information. We are pleased 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 objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles, the objective also includes reporting on: • Internal control related to the financial statements and compliance with laws, regulations, and the provisions of contracts and grant agreements, noncompliance with which could have a material effect on the financial statements, in accordance with Government Auditing Standards. • Internal control related to major programs and an opinion (or disclaimer of opinion) on compliance with laws, regulations, and the provisions of contracts and grant agreements that could have a direct and material effect on each major program in accordance with the Single Audit Act Amendments of 1996 and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Our audit will be conducted in accordance with generally accepted auditing standards established by the Auditing Standards...
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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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...ENGAGEMENT LETTER The Board of Directors Bank of America 100 North Tryon Street Charlotte, NC 28255 Dear Members of the Board: The purpose of this letter is to outline the terms of our engagement to audit the financial statements of Bank of America, which comprise the balance sheet as at December 31, 2013, and the statement of income, the statement of comprehensive income, statement of changes in shareholders equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Objective, scope and limitations Our statutory function as auditor of Bank of America is to report to the shareholders by expressing an opinion on Bank of America annual financial statements. We will conduct the audit in accordance with Canadian generally accepted auditing standards and will issue an audit report. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to error or fraud. 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 judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness...
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...Restructuring Debt Long-term debt on the balance of a company is important, it indicates the amount that the company owes and does not expect to pay off in the next year. Part A of the report discusses long-term debt including bonds payable, notes payable, mortgage notes payable, and capital leases. In part B, there are journal entry to restructure debt (land) and a computation of pension plan. Part A includes bonds payable, notes payable, mortgage notes payable, and capital leases. Bonds payable Bonds represent an obligation to repay principle at a time in the future and interest, usually on a semi-annual. Bonds are issued to different investors who may sell their bonds to other investors prior to their maturity. Many different types of bonds are available to investors such as secured bonds (mortgage bonds, collateral trust bonds), unsecured bonds (debenture bonds), serial bonds, convertible bonds, and callable bonds. The bond’s price is based on the market’s assessment of risk associated with the company that sells the bonds. Bonds are issues on an interest payment date at face value, the company accrued no interest, no premium or discount exists. The company records the cash proceeds and the face value of the bonds. Bonds issued with a coupon interest rate higher than the market interest are considered to be offered at a premium. In contrast, bonds are issued at a discount when the coupon interest rate is below the market interest rate. For example,...
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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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...DEF Auditing Firm, Inc. December 8, 2015 Mr. Juan Dela Cruz President ABC Company 123 Samson Rd., Caloocan City Dear Mr. Dela Cruz: I am pleased to confirm my understanding of the services I am to provide the ABC Company for fiscal year ended 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)...
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...April 23, 2012 Eric Unum, Vice-President-Finance, Apollo Shoes Inc., 100 Shoe Plaza, Shoetown, ME 00001 Dear Sir, Thank you for considering our firm to perform audit and assurance services for your company. My partners and associates are respected in the market and pride themselves with delivering the best quality of services to our clients. We use standardize audit resources and impeccable services by building relationships with our clients offering excellence in assurance, professional conduct, and independence. We approach audits first by understanding the clients business, accumulate data, evaluate data, assess risk factor, and audit and test procedures; making sure all issues are in compliance with the rules and regulations defined by Security Exchange Commissions (SEC). Our assurance programs have various auditing and attesting categories that your company can select. We concentrate in auditing services based upon your need in the areas of system audit, product and services audit, department audit, conformance audit, compliance audit, and process audit. We approach each audit through the evaluation of internal control, analyzing procedures, and applying the best strategic systems approach to auditing. I get involved on the high level assurance valuation in planning and audit procedures process, check and balances in place with control issues, and assist auditors and experts with any analysis questionable. I also involved myself in the final evaluation...
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...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, we will inform you of any material errors, and all irregularities or illegal acts, unless they are clearly insignificant, that come to our attention. As part of our engagement for the year ending December 31, 2015 we will review the federal and state income tax returns for Apollo Shoes. Further, we will be available during the year to consult with you on the tax effects of any transactions...
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...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 system. Included in the final audit report to management will be a letter outlining what material...
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...Engagement Letter, Checklist, and Timeframes Engagement Letter, Checklist, and Timeframes October 29, 2012 Eric Unum Vice-President-Finance Apollo Shoes Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Sir, This letter is to confirm our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide on the Apollo Shoes Company internal audit services. The objective of our audit is the expression of an opinion whether your financial statements are fairly and materially presented. Our audit will aligned with auditing standards GAAP 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 anything but unqualified, we will discuss this with you before issuance of the opinion. If, we are unable to complete the audit or are not able to form an opinion, we may not express an opinion or we may issue a report pursuant to this engagement. Our procedures will include tests of documents and evidence in support of the transactions in the accounts, tests of the physical inventories, and direct confirmation of certain receivables and payables via correspondence with selected random customers, vendors, creditors, and other financial institutions. At the end of our audit, we will need some written documentation from you about the financial statements and related matters. Our audit will involve our decision regarding the amount...
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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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...Bits & Bytes Computing Services 2 Complex Street Sydney NSW 2000 Dear John Re: Engagement of 4 All Accounts (NSW) as Bookkeeper and BAS Agent Thank you for engaging me to work as your bookkeeper and BAS Agent. I look forward to working with you. As agreed during our meeting on 12th November 20xx, the scope of work that you require me to provide is as set out below:- 1. Provide bookkeeping services as follows: a. Process sales transactions b. Process purchase transactions c. Process cash receipt and cash payment transactions d. Produce a report of all outstanding debtors e. Process general ledger transactions, including journal entries f. Carry out bank reconciliations on a weekly basis 2. Payroll Services a. Enter staff timesheets b. Prepare payroll runs as per required frequency c. Monitor employee entitlements d. Reconcile payroll on monthly basis to ensure no discrepancies e. Prepare end of year payroll reconciliation and payment summaries 3. GST/BAS a. Reconcile, verify and report in relation to the GST accounting b. Prepare and Lodge Business Activity Statement as required c. Prepare and lodge Instalment Activity Statement as required d. Liaise with Australian Taxation Office in relation to these services 4. General a. Provision of telephone support b. Liaise with external accountant Should you require any additional work outside the above scope could you please advise in an email before commencement. If I believe...
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...Dan Lupascu, Raluca Gâlea 155 CONSIDERATIONS ON REGULATING THE ENGAGEMENT IN THE NEW ROMANIAN CIVIL CODE1) AND SOME FOREIGN LEGISLATION Dan LUPAùCU Raluca GÂLEA Abstract The new Civil Code brings back into the Romanian legal landscape a very rare and apparently obsolete institution – the engagement. This article analyses the evolution of engagement, its substantial and formal conditions, the content of this sui generis act and also the sensible issues concerning the judicial effects of the engagement, especially as regards its cessation. Also, elements of comparative law are depicted, highlighting the correlation between the consequences of breeching the engagement and the fault of parties in other law systems. Keywords: engagement, the promise to marry, breeching the engagement, accountability, gifts. 1. Introduction The engagement has a considerable history, being mentioned even in the Old Testament, under the Hebrew term of „aras” having the meaning of „engagement to marry”2) or „vow to marry”. As regards the religious implications, the man and woman were already considered as husband and wife, without the right to sexual relations until the marriage3). According to Vasile the Great, breech of these interdictions was sanctioned with exclusion from communion for 11 years. Considering the engaged persons as being married also implied a series of extremely severe consequences. For example, the priest could refuse to wed a person who was initially engaged during...
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...LEARNING’S ROLE IN EMPLOYEE ENGAGEMENT You often know it when you walk into a place of business. You can tell who is bored, distracted or unhappy. And you can tell who is focused, invested and engaged. Most employers prefer the latter type of employees, of course, because they tend to work harder, be more productive, provide better customer service, and are often just more fun to work with. But determining how to engage employees is a major challenge. The business literature provides few sure-fire, easy-toimplement ways of increasing employee engagement. With this challenge in mind, the American Society for Training & Development (ASTD) commissioned the Institute for Corporate Productivity (i4cp) to conduct a survey and develop a study on employee engagement. “Learning’s Role in Employee Engagement” was sponsored by Dale Carnegie Training. The goal was to gain an overview of engagement in today’s workplace and to find out how organizations can boost engagement levels, with a particular focus on learning’s role in the process. The final report is based on survey responses from 776 HR and learning executives and an extensive review of the workplace literature. The results were intriguing. The research team found that engagement truly is an issue of major significance to most organizations, which is probably related to the fact that the average organization has some serious engagement problems. Only about a third of the average respondent’s workforce is highly engaged, and nearly...
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...TRENDS IN EMPLOYEE ENGAGEMENT GROUP MEMBERS Tage Anga PGP28362 Avinash K PGP29001 Kaushik Jana PGP29024 Sirisha Jayanthy PGP29032 Sachin Waghe PGP29034 Pritesh Dindor PGP29039 Subhojit Majji PGP29040 NEW TRENDS IN EMPLOYEE ENGAGEMENT Introduction Organizations are struggling to retain the best talent at work and are striving to create an emotional bond to their organization in the minds of the employees. But, for the employees, excitement might be getting diminished as there is no time and are rolling along the chain of busy life in office by attending conferences, meeting the targets, convincing the clients etc. Normal office routines during the day might slump under tremendous work pressure. Organizations who have consistent employee engagement activities keep their workforce unbelievably active. An engaged employee is a productive employee. There is a direct relationship between employee engagement and employee satisfaction, retention, motivation and above all, productivity. Employee engagement activities at office will always keep the employees refreshed and relaxed. Having fun at work will augment team building, bring togetherness, relieve stress and make the employee emotionally bonded to the organization and this will also have an effect on the attrition rates. Employee engagement activities are absolutely...
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