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
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------------------------------------------------- To: The Board of Directors and Shareholders of Apollo Shoes Inc. From: CBA Auditing Firm Re: Audit Report and Internal Control Evaluation Date: June 10, 2013 CBA Auditing Firm has audited the balance sheets of Apollo Shoes as of December 31, 2012. In addition, our auditing firms also reviewed statements of income such as shareholders equity, comprehensive income, and cash flows for the same period. Our company also assessed Apollo Shoes
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from Malayan Banking Berhad and CIMB totaling RM 1 million. In order to get the loan, they had to provide audited financial statement for the last two years. In July 2006, En. Zayed engaged the external auditor Aziz & Co. to perform the statutory audit for period 2003 to 2006. PROBLEMS AND RECOMMENDATION There are many problems in this Delima Enterprise Sdn. Bhd. case. The first problem is the documents were not properly pre-numbered, recorder and documented. Sales invoices were manually produced
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1a) I believe that on a scale from 0-100 the cut off should be about 75 to be considered substantial doubt. I chose 75 because it should definitely be at least 50, there should be more of a doubt than not that the company will not continue. Along that reasoning to me substantial means it should be more than the borderline, 50, of continuing and not continuing so 75 seems like it is at a point where the auditor substantially believe that’s more likely than not the client they are auditing with cease
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INSTRUCTIONS: YOU MUST ANSWER QUESTIONS 1, 2, AND 3. THEN CHOOSE TWO QUESTIONS FROM 4, 5, 6, AND 7. IN TOTAL, YOU WILL ANSWER FIVE QUESTIONS. EACH QUESTION SHOULD BE ANSWERED THOROUGHLY TO SHOW YOUR UNDERSTANDING IN DETAIL. CLEARLY LABLE THE QUESTIONS YOU ARE ANSWERING. Question #1 (Ch.1) Your friend Karen, knowing that you are a diligent student studying in the MPAc program, has asked that you enlighten her about Sarbanes-Oxley.
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directors for carrying out the company’s control mission (Louwers, Ramsay, Sinason, & Strawser., 2007). The first phase of the audit cycle is to understand and document the client’s internal controls. This phase introduces the auditor to the client’s control environment and management’s risk assessment (Louwers, Ramsay, Sinason, & Strawser., 2007). Phase two of the audit cycle is to assess the control risk. This phase analyzes the control strengths and weaknesses to assess the control risk (Louwers
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subprime lender New Century Financial Corp. filed suit against its auditor, KPMG LLP, claiming that "reckless and grossly negligent audits" helped accelerate the firm's collapse two years ago. The lawsuits filed Wednesday said that specialists at KPMG tried to point out errors in New Century's financial statements but were silenced by the KPMG partner in charge of the audits "to protect KPMG's business relationship with, and fees from, New Century." The claims are among the first to attempt to blame
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Engagement checklist – Audit Engagement (20,407) I. General Audit Planning Procedures a. Client Engagement Acceptance and Continuance: Yes, No, or N/A i. Did the client accept the engagement letter and its parts b. Client Understanding: Yes, No, or N/A ii. Did the client understand the accepted engagement letter c. Audit Planning: Yes, No, or N/A iii. Did the auditor properly plan the audit in accordance with the regulations d. Fraud Considerations:
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Audit Program Design Part I ACC/546 Auditing Monday, July 14, 2014 Anderson, Olds and Watershed (AOW) 1 Fraud Free Way Shoetown, ME 00001 July 25, 2014 Mr. Larry Lancaster Chairman, 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
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the client has not been established, he or she should ordinarily a. Perform the audit with increase professional skepticism. b. Decline to accept or perform the audit. c. Assess control risk at the maximum level and perform a primarily substantive audit. d. Modify the scope of the audit to reflect an increased risk of material misstatement due to fraud. 2. An auditor should design the written audit program so that a. All material transactions will be selected for substantive
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