Acc 546 Week 2 Individual Assignment
Running head: BEGINNING THE AUDIT REPORT � PAGE �1� BEGINNING THE AUDIT REPORT � PAGE �10�
BEGINNING THE AUDIT REPORT
ROSA BERNAL
ACC/546
November 01, 2014
Thomas House
Beginning the Audit Report
To:
Directors of Apollo Shoes.
I would like to thank you for vesting your company and trust in our firm to be your auditors. In this letter an explanation of the general terms and the process of our audit will be defined. This is only an educational purpose letter and is not an agreement.
THE AUDIT PROCESS
An audit is an examination and review of companies financial statements. The examination is performed with a view to portray an opinion of whether the companies financial statements prove a true and fair statues of the company. Auditing …show more content…
Once the screening process is passed we might need to contact the companies previous auditor and have agreed consent from them to proceed. If the previous auditor does not consent or if your company does not allow us authority to contact he previous audit our firm will not perform the audit in your company.
After all consents have been given there will be an audit engagement letter that will be issued to your company, which would represent the agreement between your company and our firm. The agreement would give the fundamental basic terms of the way the audit will be performed and what expectations of the firm and company will be.
Once your company receives the engagement letter, all data will be collected from your company and the environment. The information collected will allow us to identify problem areas from prior audits.
When all data is gathered we will complete a risk assessment of the company so that the best audit approach may be …show more content…
We will review all data collected and ascertain that information and work is in compliance with statutes, regulations, GAAP, SFAS, and IFRS. We will also ascertain that the data is in compliance with the code of ethics for professional auditors (Apra, 2009).
Audit will include the review and examination of all figures and facts on a test basis. Due to the nature of the test there may still be a risk that some misstatements will go undiscovered. In order to reduce risk we encourage and need Apollo to provide and make necessary arrangements relating to the execution of the audit. Our firm will require unrestricted access to all records, documentation and all information requested by our firm. Any representation that the company makes in connection to the audit will be expected to be confirmed and in writing.
When the firm feels that there is sufficient work reviewed and completed by the auditors to establish an opinion, the firm will issue and audit report. The report will be given to the company if all issues and circumstances brought forth by the auditors is resolved by the
BEGINNING THE AUDIT REPORT
ROSA BERNAL
ACC/546
November 01, 2014
Thomas House
Beginning the Audit Report
To:
Directors of Apollo Shoes.
I would like to thank you for vesting your company and trust in our firm to be your auditors. In this letter an explanation of the general terms and the process of our audit will be defined. This is only an educational purpose letter and is not an agreement.
THE AUDIT PROCESS
An audit is an examination and review of companies financial statements. The examination is performed with a view to portray an opinion of whether the companies financial statements prove a true and fair statues of the company. Auditing …show more content…
Once the screening process is passed we might need to contact the companies previous auditor and have agreed consent from them to proceed. If the previous auditor does not consent or if your company does not allow us authority to contact he previous audit our firm will not perform the audit in your company.
After all consents have been given there will be an audit engagement letter that will be issued to your company, which would represent the agreement between your company and our firm. The agreement would give the fundamental basic terms of the way the audit will be performed and what expectations of the firm and company will be.
Once your company receives the engagement letter, all data will be collected from your company and the environment. The information collected will allow us to identify problem areas from prior audits.
When all data is gathered we will complete a risk assessment of the company so that the best audit approach may be …show more content…
We will review all data collected and ascertain that information and work is in compliance with statutes, regulations, GAAP, SFAS, and IFRS. We will also ascertain that the data is in compliance with the code of ethics for professional auditors (Apra, 2009).
Audit will include the review and examination of all figures and facts on a test basis. Due to the nature of the test there may still be a risk that some misstatements will go undiscovered. In order to reduce risk we encourage and need Apollo to provide and make necessary arrangements relating to the execution of the audit. Our firm will require unrestricted access to all records, documentation and all information requested by our firm. Any representation that the company makes in connection to the audit will be expected to be confirmed and in writing.
When the firm feels that there is sufficient work reviewed and completed by the auditors to establish an opinion, the firm will issue and audit report. The report will be given to the company if all issues and circumstances brought forth by the auditors is resolved by the