February 25, 2012
Dear Audit Staff:
This memo will give us an idea of what what special business knowledge we will need to have in regards to the basic type of business and products Apollo Shoes manages. It will also provide the necessary staffing we will need to have for this audit.
Apollo Shoes provides high tech electronics for todays modern athlete. They’re committed to pushing the envelope and expanding they’re products to the global and galactic marketplace. With this in mind, we will need to find and industry specialist to assist the audit team to provide us with a better understanding of the complex products that Apollo Shoes provides. In addition to the engagement partner and the audit manager, we will also need to plan on having a tax specialist that has a good understanding of foreign currency exchange rates and interest rates. As mentioned before, Apollo Shoes is a global/galactic vendor and understanding the different exchange rates will be pivotal. We will need 2/3 senior audit staff members and a computer/IT specialist to handle the bulk of the audit work. Last but not least, we will need a second concurring audit partner. We may also plan to have a meeting in the next few days when the audit team has been put together. This will give us the chance to go over all potential risks in the engagement and educate all team members on possible trouble areas and fraud.
If you have any questions or concerns, please voice them as soon as possible. We must be prepared to complete the Apollo Shoes audit in the most professional manner.