Beginning The Audit Report A

2004 words 9 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
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The Auditor’s Report Auditor’s Report
II. General Planning Procedures (General Audit Engagement Checklist, 2014) Client Acceptance Client Understanding Audit Planning Fraud Considerations Internal Controls Control Risks Information Technology Considerations Work Performed by Other Auditors Specialist if Needed Related Party Transactions
III. General Audit Procedures (General Audit Engagement Checklist, 2014) Audit Programs Audit Sampling Analytical Procedures Material Accounting Estimates Representation Letters Supervision and Review Going Concerns Internal Control Related Matters Subsequent Events Audit Documentation
IV. Audit Areas (General Audit Engagement Checklist, 2014) Significant Audit Areas Cash Receivables Inventories Investments Prepaid Expenses Deferred Charges Property, Plant, and Equipment Liabilities Income Taxes Intangible Assets and Goodwill Capital Accounts Revenue

Appendix C
Outline of Timeframes and Milestones
Plan and Design an Audit Approach Evidence Gathered and Completed
“Accept Client and Perform Initial Planning


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