Essay on Notes on Apollo Shoes Audit Case

765 Words Dec 18th, 2012 4 Pages
Notes on Apollo Shoes Audit Case
Task #1 (Overview/Intro)
Go to the “Weekly Materials” folder and locate the “Apollo Shoes Files” folder, between the week 1 and week 2 folders.
Under this menu you will find a file entitled Apollo Shoes Case Study.doc. This file gives you all of the details and evidence that you will need for the case. We will only be completing specified sections of this case as discussed below.
Review the table of contents in the case document (page 4.) This will tell you where each section begins.
You will see a variety of Audit Programs included in this folder as well. Most of the sections have an audit program related to them.
Task #2 (Planning)
The planning section of this case can be found on pages 5-50.
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Task #5 (Accounts Receivable)
Prepare Memo C-2-1 as discussed on page 75
Proposed adjustments based on your review of AR confirmations as compared with trial balance.

Prepare workpaper C-3 about the reasonableness of the allowance for doubtful account estimates, as discussed on page 75.
Accounts Receivable Audit Program included as an example for your review only.

Task #6 (Inventory)
Write an inventory observation memo as discussed on page 86
Tie in test counts on the client’s count sheets to Apollo’s Inventory Warehouse Report as discussed on page 86.
Tie the Inventory Warehouse Report to Apollo’s Inventory Status Report supplied by Karina last week (discussed on page 86.)
Judgmentally sample a number of unit costs (select 5) from recent invoices and tie them to the Inventory Status Report. If the numbers agree, tie the Inventory Status Report into the Inventory Lead Schedule (discussed on page 86.)

Tie the lead schedule into the Trial Balance (discussed on page 86.)

Inventory and Cost of Goods Sold Audit Program included as an example for your review only.

Note that the Prepaid and Other Assets Section will not be completed
Task #7 (Fixed Assets)
Locate the Fixed Asset Audit Program and complete those sections that you have the necessary information available to complete in this section of the case.
The information starts on page 116.
Note that the liabilities section of this

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