Beginning the Audit Process

1218 words 5 pages
Beginning the Audit Report Peter Serunjoji ACC546 January 15, 2012 Arlette Peoples

Beginning the Audit Report
MEMORANDUM

TO: Larry Lancaster, Chairman, President, and CEO of Apollo Shoes, Inc.

FROM: Matrix Certified Public Accountants (MCPA) Inc.,

DATE: January 15 2012

SUBJECT: Beginning the Audit Report (Engagement letter, Engagement checklist, Outline of timeframes and milestones of the audit) Dear Mr. Lancaster,
This letter is to confirm the understanding of the arrangements for the objectives and terms of the upcoming auditing procedure for Apollo Shoes, Inc. Our firm is pleased to continue to work with your company and perform the audit of the year ending on December 31, 2011. Our PCA staff members
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or needs an audit | | | | |
Make sure that the client understands the terms of the engagement to avoid misunderstandings | | | | |
Selecting the required audit specialists staff for the engagement | | | | |
Deciding on a time for a meeting with the client to explain the objectives of the auditing process | | | | |
Perform investigation about the company to determine if there is any potential liability to work with them | | | | |
Specify the service that is provided by the firm to the company | | | | |
Assigning the appropriate staff to the engagement to meet the
Generally Accepted Auditing Standards | | | | |
The staff that are assigned to the engagement must have a good Understanding the client's business and industry | | | | |
Make a visit to the client’s facilities to gain more understanding of its business | | | | |
Find out if there is a related party to the client which has a combined business transactions | | | | |
Request for the official record of the meetings of the board of directors and stockholders | | | | |
Assess the risk that the business can face in the future | | | | |
Make analyses and compare all the ratios to compare the client to industry | | | | |
Prepare all documents and paper work for all the steps and procedures that was done by the auditing team | | | | |
Prepare final audit reports | | | | |

Outline of Timeframes and Milestones

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