Oceanview Marine Company Engagement Letter

Topics: Balance sheet, Auditor's report, Generally Accepted Accounting Principles Pages: 3 (515 words) Published: April 18, 2013
Certified Public AccountantsCW 11/23/2012
Ocean City, Florida 33140

October 30, 2012

Mr. Donald Phillips, President
Oceanvien Marine Company
36 Clearwater Lake Road
Ocean City, Florida 33140

Dear Mr. Phillips:

This letter is to confirm our understanding of the terms of our engagement as the auditors of Oceanview Marine Company for the year ended December 31, 2012.

We will audit the company’s balance sheet for December 31, 2012, and the related statements of income, retained earnings, and cash flows for the year then ended. The purpose of our audit is to form an opinion as to whether these statements are fairly presented in accordance with accounting principles generally accepted in the United States of America. We will review the company’s federal and state income tax returns for the fiscal year ended December 31, 2012. In addition, we will be available to consult with you concerning the tax effects of any transactions or changes in company policies.

Our audit opinion will be based on our examination, made on a test basis, of your records, documents, assets, and equities. We will not examine all transactions, assets, or equities in detail, and the examination should not be relied on to detect all errors, fraud, or illegal acts that may have taken place. Notwithstanding, should we discover material misstatements resulting from error, fraud, or illegal acts during our audit, they will be disclosed to you. Please note that management of the company has the primary

CW 11/23/2012

responsibility for maintaining adequate accounting records, for the safeguarding of assets, and for the preparation of accurate financial statements. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or decline to issue a report as a result of the engagement.

The timing of our services is scheduled for performance...
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