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Engagement Letter Checklist and Timeframe

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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 of transactions to be reviewed and the areas to be tested. We will also plan and perform the audit to obtain assurance whether the financials are reasonably free of material misstatement. The audit is therefore designed to provide reasonable and not absolute assurance. We will not perform an examination of all transactions, and all misstatements that are not material may not be detected....

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