...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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...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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...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 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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...|[pic] |Syllabus | | |School of Business/Graduate | | |ACC/546 Version 2 | | |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...
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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 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 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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...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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...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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...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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...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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