ACC 546 Audit Report

Topics: Internal control, Auditing, Committee of Sponsoring Organizations of the Treadway Commission Pages: 3 (736 words) Published: February 13, 2014
Anderson, Olds, and Watershed
Certified Public Accountants
Littleton, CO 80123

Audit Committee
Apollo Shoes, Inc
100 Shoe Plaza
Shoetown, ME 00001

Anderson, Olds, and Watershed (AOW) has completed the audit of the financial statements for the year ended December 31, 2007 for Apollo Shoes, Inc. The financial statements include the balance sheet, the income statement, the statement of retained earnings, and the statement of cash flows. The audit has been performed in accordance with generally accepted auditing principles in the United States. AOW has also reviewed Management’s Report on Internal Control Over Financial Reporting and have concluded that Apollo Shoes, Inc. has effective controls in place for financial reporting. The criteria for internal controls has been established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). “The COSO internal components include the following: 1) Control Environment, 2) Risk Assessment, 3) Control Activities, 4) Information and Communication 5) Monitoring” (Arens, Elder, & Beasley, 2007, p. 294). AOW has followed the criteria set forth by COSO and also by generally accepted auditing principles for the purpose of expressing an opinion about the financial statements and internal controls for financial reporting. The management of Apollo Shoes, Inc. is responsible for the financial documents and for implementing and maintaining effective internal controls. AOW has a responsibility to express an opinion regarding the fairness of the financial statements and the effectiveness of the internal control over financial reporting. AOW did not conduct an audit on the financial statements of Apollo Shoes, Inc for the year ended December 31, 2006. This audit was conducted by another company. They have provided us with the audit for the year ended December 31, 2006. The audit was used for comparative amounts. AOW performs audits in accordance with generally accepted audit principles....
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