Apollo Shoes Audit Report

Good Essays
Apollo Shoes Audit Report
Anderson, Olds and Watershed
Certified Public Accountants
123 Main Street
Upper Saddle River, NJ 00712

INDEPENDENT AUDITOR’S REPORT
To the Stockholders
Apollo Shoes, Inc.

We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2008, and the related statements of income, comprehensive income, shareholders’ equity, and cash flows for the year ended, and related notes to the financial statements. We have also audited management’s assessment, included in the accompanying Management’s Report on Internal Control Over Financial Reporting, that Apollo Shoes, Inc. maintained effective internal control over financial reporting as of December 31, 2006, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO criteria).

Managements Responsibilities for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements, in accordance with the generally accepted accounting principles in the United States of America. Management is also responsible for maintaining effective internal control over financial reporting relevant to the preparation and fair presentation of financial statements that are free form material misstatements.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements, an opinion on management’s assessment, and an opinion on the effectiveness of the company’s internal control over financial reporting based on our audits. We did not audit previous years’ financial statements of Apollo Shoes: prior years’ audits were completed by other auditors whose report has been given to us, and our opinion, insofar as it relates to the amounts included for Apollo Shoes, is based on the report of the other auditors. We conducted our audits in accordance with the standards of the Public Company Accounting



References: Elder, A. A., Beasley, M., & Elder, R. J. (2014). Auditing and assurance services (15th ed.). Upper Saddle River, NJ: Pearson. Louwers, T. J., & Reynolds, J. K. (2007). Apollo Shoes, Inc. New York, NY: McGraw.

You May Also Find These Documents Helpful

  • Satisfactory Essays

    I understand that Apollo Shoes, Incorporated is concerned about acquiring certain auditing and assurance services. In today’s business world a company needs to stay ahead by operating more successfully and proficiently than its competition. Stromsodt can help Apollo Shoes to gain this advantage by offering auditing and assurance services designed for the company needs.…

    • 719 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Apollo Shoes: Case Study

    • 583 Words
    • 3 Pages

    I first wanted to thank you for congratulating me on my recent promotion; I look forward to working with you on the new Apollo Shoes engagement. I have read all the information you sent me about Apollo Shoes to gain a better understanding of the company, and I feel like I have a firm grasp of the company structure and environment. After reviewing the company’s last three board of directors meetings, I determined what expertise would be necessary to carry out the audit on Apollo Shoes. If you can assign these staff to our audit team, the productivity and effectiveness of the audit will increase significantly.…

    • 583 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Case 7.1 Anne Aylor

    • 1970 Words
    • 8 Pages

    Scoping and Evaluation Judgments in the Audit of Internal Control over Financial Reporting 12.1 EyeMax Corporation . . Evaluation of Audit Differences…

    • 1970 Words
    • 8 Pages
    Powerful Essays
  • Better Essays

    ACC 546 Audit Report

    • 736 Words
    • 3 Pages

    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.…

    • 736 Words
    • 3 Pages
    Better Essays
  • Satisfactory Essays

    Compilation Report

    • 283 Words
    • 2 Pages

    Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.…

    • 283 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    * GA-3, prior year review. Note that the description of this chart is discussed on page 38.…

    • 759 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Asc - Fraud Risk Memo

    • 561 Words
    • 3 Pages

    This memo is to determine potential fraud risks that may exist within our client, Apollo shoes. There are reasons to believe that potential fraud risks do exist, however these risks are only hypothetical, but will be tested to assure users that Apollo’s financial statements are fairly stated. First, the client’s prohibition of contacting the predecessor auditor is considered a red-flag. The importance of the predecessor’s working papers and comparative work would make completing this audit much more efficient and effective. The prohibition is stated to be caused by litigation between the client and the auditor, due to withdrawal from engagement with little notice.…

    • 561 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Student

    • 373 Words
    • 2 Pages

    References: Arens, A. Beasley, M. and Elder,R. (2010). In Auditing and Assurance Services. Upper Saddle River:…

    • 373 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Cited: Messier, William F., Glover, Steven M., Prawitt, Douglas F. Auditing & Assurance Services: A…

    • 1525 Words
    • 7 Pages
    Better Essays
  • Powerful Essays

    The financial statement of the Tesco PLC have audited for the financial year ended 23 February 2013 which includes the Group income statement, the Group statement of comprehensive income, the Group balance sheet, the Group statement of changes in equity, the Group cash flow statement and the related notes. The financial reporting framework that has been applied in their research is relevant law and International Financial Reporting Standards (‘IFRS’) as adopted by the European Union. An audit involves getting evidence concerning the amounts and disclosures in the financial statements that is necessary to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. In addition, there were considered all the financial and non-financial information in the Annual Report and Financial Statements in order to identify material inconsistencies with the audited financial statements in case of aware of any apparent material misstatements or inconsistencies to consider the implications for the report in overall.…

    • 1548 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    We will audit Apollo Shoe’s balance sheet as of 12/31/2012, along with the related income statement, statement of retained earnings, and statement of cash flows for the entire year of 2012. We will provide a professional opinion based on the information found in the audit. All of the financial statements will be the responsibility of your management team. SDM Audit’s responsibility is to express an opinion on the financial statements based on the information found in our audit.…

    • 483 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Week 1 Acc556

    • 1151 Words
    • 5 Pages

    References: Louwers, T. J., Ramsay, R. J., Sinason, D. H., & Strawser, J. R. (2011). Auditing & Assurance Services. (4th ed.). New York: McGraw-Hill.…

    • 1151 Words
    • 5 Pages
    Powerful Essays
  • Better Essays

    Wk 1 Intro Letter

    • 963 Words
    • 4 Pages

    Our firm understands the need for professionalism and proper requirements for each auditing engagement performed. We conduct our business ethically and accurately, documenting all the services provided, giving our undivided attention to every engagement. The accountants and auditors at our firm are adequately licensed and have met our company and industry specific standards of excellence, and we ensure our clients are satisfied with our services. All auditors at Anderson, Olds & Watershed are qualified to understand the criteria used and must be competent to know the types and amount of evidence to accumulate to reach the proper conclusion after examining the evidence (Arens, Elder, & Beasley, 2012). The auditors have an independent mental attitude. I will be exhibiting this high level of knowledge, competence and independence when performing the assurance services for Apollo Shoes, Inc.…

    • 963 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    Acc 403

    • 5361 Words
    • 22 Pages

    |Arens, A., Elder, R.J., & Beasley, M. (2010). ACCT 403: Auditing and assurance services: 2010 custom edition (13th ed.). Upper Saddle River,|…

    • 5361 Words
    • 22 Pages
    Powerful Essays
  • Good Essays

    This next phase of the auditing process for Apollo Shoes Inc. (Apollo) is the designing of an audit program, which will detail substantive procedures for detecting irregularities in the accounts receivable, inventory, and fixed assets audit cycles.…

    • 680 Words
    • 4 Pages
    Good Essays