Beginning The Audit Report A Essay

2026 WordsJan 5, 20159 Pages
Beginning the Audit Report October 25, 2007 Mr. Joe Bootwell Executive Senior Vice-President & CFO Apollo Shoes, Inc 100 Shoe Plaza Shoetown, Maine 00001 Dear Mr. Bootwell, Thank you for choosing Team D Auditing for your audit needs. This letter is to inform you on how we plan to begin the audit process for your company. We will be performing an audit on the financial statements for Apollo Shoes for the year ended December 31, 2007 in order to provide reasonable assurance that the statements are presented fairly and are presented in accordance with Generally Accepted Accounting Principles (GAAP) (Arens, Elder, & Beasley, 2012). We will begin the audit by reviewing the statements as well as your organizational charts and the…show more content…
We request that the company can provide us with adequate evidence necessary to perform the audit. It is critical that we have access to information and files including the minutes, besides to be able to inquire personnel and the observation of procedures as necessary. We have the responsibility that if a material weakness and or a significant deficiency are discovered in the performance of the audit, it should be communicated to the audit committee in writing (PCAOB, 2014). The management is also responsible to adjust the financial statements to correct material misstatements found during the audit; if the correction are not done because they are immaterial, it should be stated as part of the representation letter were management is confirming their responsibilities during the audit (PCAOB, 2014). Our out of pocket expenses and fees are estimating in $200,000, which covers the hours spent during the audit. If anything may affect this estimate we will let you know. Our fees are due when we complete the audit (Raspante & Vono, 2014). We are very enthusiastic to be your new auditors and we hope to fulfill your expectations. If you agree with this agreement, please sign in the space provided; keep a copy for your records and return us the original signed. If you have any further questions, please do not

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