Apollo Shoes Engagement Letter

Topics: Balance sheet, Generally Accepted Accounting Principles, Financial statements Pages: 3 (573 words) Published: June 19, 2012
Beginning the Audit
ACC 546
June 11, 2012

Anderson, Olds and Watershed
Phoenix, Arizona 85003

Mr. Larry Lancaster
Apollo Shoes
Phoenix, Arizona 85003

Dear Mr. Lancaster,

The purpose of this letter is to make sure we have an understanding as to what the audit of Apollo Shoes financial statements will consist of for the year ending December 31, 2011. The objective of this audit of the company’s financial statements is to confirm that all aspects of the company are in compliance with the United States Generally Accepted Accounting Principles and that the company’s financial position, internal operations and cash flows are presented fairly within the financial statements.

Our audit will be conducted in accordance with U.S GAAP and will require us to test your accounting records and any other tests we deem necessary in order for us to form our professional opinion. If, for some reason, we come to an opinion other than unqualified, we will thoroughly discuss our reasoning with you in advance in hopes that you may consider our recommendations to fix the problem. However, if we are unable to conclude an official opinion, we do reserve the right to decline an opinion or issue any type of report for this engagement.

We will plan and perform the audit of the financial statements to obtain reasonable assurance about whether the financial statements are free of material misstatement from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or regulations that are attributable to the entity or to acts by management or employees acting on behalf of the entity. The audit will include examining evidence supporting the amounts and disclosures in the financial statements and will involve judgment about the number of transactions to be examined and the areas to be tested. Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, tests of physical...
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