Apollo Shoes Audit

The purpose of this memo is to document the planning of the financial statement audit

The following memo aims to outline the results of the audit of Apollo Shoes, give recommendations to improve the company’s operations, and provide justification for our qualified opinion.

Anderson, Olds, and Watershed rely on Apollo Shoes management for the financial statements. In addition, Apollo Shoes management is responsible for internal control over financial reports, ensuring the company complies with applicable laws and regulations, providing all financial records and other related financial information to the firm, and providing a representation letter at the conclusion of the audit confirming management’s

3. Send confirmations to all accounts over $X. Select a random sample of all remaining accounts for confirmation.

Sloan & Spencer Auditing Firm LLC, proudly announces that ours auditing firm is respected and reliable auditing firm in the United States. Our firm is also Service Auditor (SAS 70) Assessments certify among other auditing firms, and have specialization auditing in the areas of superior athletic podiatric products. Our auditing firm provides services like recovery audit and revenue Optimization, Coding Accuracy

Apollo Shoes Inc. is a medium-sized corporation. It has over 100 employees organized in five department including Marketing, Finance, Information Systems, Operations, and Legal Affairs. Apollo is a distributor of a technologically superior athletic product. Siren, Spotlight and Speakershoe are Apollo's premiere brands. Their products are shipped to large and small retailers across a six-state area.

In 1993, after having audited the year end financials, Robert Allgyer, the engagement partner for Arthur Anderson, was reluctant to issue an unqualified opinion on the statements because of these questionable practices. He was overruled by the head office of Arthur Andersen. However, Allgyer did create, and have Waste Management officials sign off on, a list of actions steps that were to be taken to bring the records back into compliance with GAAP policies. This promise was not kept and the following year, the same problems were found. Again the promise from Waste Management to change its practices, another unqualified statement was issued and the matter was closed for another year. After a few years, the accounting firm of Arthur Andersen did not even

We will review the balance sheet of Aguamaint as of December 31, 20X1, and the related statements of income, changes in stockholders’ equity, cash flows for the year end, and notes to the financial statements. Our review will consist of inquiries of the company’s management and applicable procedures to management’s financial data. The objective of a review is not to understand the internal control structure or assessing control risk, testing accounting records, and other procedures that performed during an audit. Our review will not guarantee that we have knowledge of any significant matters that would be disclosed in an audit. Disclosure of errors, abnormalities, or illegal acts such as fraud is not the purpose or obligation of our engagement. However, we will disclose

Audit engagements provide a high level of assurance that financial statements present fairly in all material respects the financial position and results of operations of the company.

The Lakeside Company: Auditing Cases, 12th edition, has been updated in light of the accounting

With the ASA 701 auditing standard investors are provided with information about the auditors respond about the crucial auditing matters, their deep vision about the crucial auditing matters and their greater level of the transparency towards their responsibilities in auditing the financials of the company. Investors are now at the safe side and their decision becomes more rationale rather than instinct.

Internal controls over financial reporting are limited and can provide only reasonable assurance with respect to financial statement preparation. Therefore, it may not prevent or detect all misstatements. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The auditor's responsibility is to express opinions on management's assessment and on the effectiveness of the Company's internal control over financial reporting based on the audit (Johnson & Johnson 2006).

We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2007 and 2006 and the related statements of income, shareholder’s equity and cash flow for the two years in the period ended December 31, 2007. Apollo Shoes’ management is responsible for the financial statements presented, for maintaining effective internal control over financial reporting, and for its assessment of internal control.

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.

Arens, A. A., Elder, R.J., & Beasley, M.S. (2012). Auditing and assurance services: An integrated approach (14th Ed.). New York, New York: Pearson.