Audit Introduction Letter

1178 Words Jul 22nd, 2013 5 Pages
Audit Introduction Letter
Elizabeth Grieco
ACC 546
February 11, 2013
Hillary D. Edmondson

Audit Introduction Letter
TO: Apollo Shoes, Inc.
FROM: Elizabeth Grieco, Auditor-In-Charge Anderson, Olds, and Watershed (AOW)
DATE: February 11, 2013
SUBJECT: Auditing and Other Assurance Services Available

SUMMARY:
This memo includes information regarding the services that Anderson, Olds, and Watershed (AOW) is able to provide to clients as well as the standards that auditors must follow during an audit. I have also outlined here my responsibilities as auditor-in-charge during an audit.
AVAILABLE SERVICES:
AOW offers a multitude of auditing and assurance services to our clients, including conducting external audits, and
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(Louwers & Reynolds, 2002).
Although it is ultimately my responsibility to ensure the audit goes smoothly, and we are able to end the audit with enough information to issue a report expressing our opinion of our client’s information, I will have assistance from several other staff people, such as our Intern to help with

TO: Apollo Shoes, Inc. observations, and the Audit Manager, who will be reviewing my documentation to ensure completeness.
AUDIT STANDARDS & REQUIREMENTS:
The American Institute of Certified Public Accountants (AICPA) developed 10 generally accepted auditing standards (GAAS) that emphasize the key qualities that an auditor should possess: 1. The auditor must have adequate training and proficiency 2. The auditor must maintain independence in mental attitude 3. The auditor must exercise due professional care 4. The auditor must appropriately plan the work and properly supervise any assistants 5. The auditor must obtain a sufficient understanding of the entity, its environment, and its internal control 6. The auditor must obtain sufficient appropriate evidence 7. The auditor must state in the report if the financial statements are prepared according to generally accepted accounting principles (GAAP) 8. The auditor must

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