Apollo Audit Program Design

Topics: Internal control, Auditing, Audit Pages: 3 (860 words) Published: December 12, 2011
Apollo Audit Program Design Part I
Kathryn Cook, Mary Dietrich, Robin Geisler, Connie Goddard
July 18, 2011
Deborah Fitzgerald Thomas

Apollo Audit Program Design Part I
Anderson, Olds, and Watershed
612 North Street
Shoetown, ME 00001

July 18, 2011

Apollo Shoe, Inc.
Larry Lancaster, President and Chairman
Karina Ramerez, Director Internal Audit
100 Shoe Plaza
Shoetown, ME 00001

Dear Mr. Lancaster and Ms. Ramerez:

Anderson, Olds, and Watershed (AOW), CPAs has been engaged to design an audit program for Apollo Shoe, Inc. AOW, as the auditor on record of a publically traded company, will comply to the Sarbanes-Oxely (SOX) Section 404 which requires auditors of public companies to assess and report on the effectiveness of Apollo Shoe’s internal controls over financial reporting, which is in addition to the audit report of the financial statements (Arens, 2006). This engagement letter will also address significant regulations and guidelines related to internal control audits, risks that have been identified within Apollo Shoes internal controls, a description of the relationship between internal controls and the audit process, and finally a brief synopsis of AOW’s responsibility in detecting and reporting fraud. Significant Regulations and Guidelines Related to Audits of Internal Controls Start here

Internal Control Risks Identified within Apollo Shoe, Inc.
Internal controls are essential for any organization. All companies have information housed within that needs to be safeguarded and protected. Sarbanes-Oxley (SOX) helps in this area by providing internal control shields. These shields help prevent theft, fraud and waste. SOX also assures that all financial reporting is completed according the Generally Accepted Accounting Principles, (GAAP). It helps restore public confidence and trust in the financial statements provided by companies. The most essential area that needs to be assessed is management and personnel. Apollo...
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