Anderson, Olds, and Watershed
ANDERSON, OLDS, AND WATERSHED, CPAs
Audit Engagement Letter
November 3, 2007
Mr. Larry Lancaster, Chairman, President and CEO
4604 Oakley St.
Macon, Georgia 31212
Anderson, Olds, and Watershed would like to confirm our understanding of the arrangements for our audit of Apollo Shoes financial statements for the year ending December 31, 2007.
The firm will audit the financial statements for that year in order to express an opinion “on the fairness with which they present, in all material respects, the financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America” (Arens, et. al, 2012, p. 214).
The firm will conduct the audit in accordance with the generally accepted accounting principles (GAAP) in the United States of America. GAAP standards require the firm to obtain
References: AICPA. (n.d.) Sample review checklist. Available from http://www.aicpa.org/InterestAreas/FRC/Review/DownloadableDocuments/ReviewServices_Sample_Review_Checklist.pdf Arens, A. A., Elder, R. J., & Beasley, M. S. (2012). Auditing and assurance services: An integrated approach (14th ed.). New York, NY: Pearson/Prentice Hall. University of Phoenix. (2007). Apollo Shoes Case. Retrieved May 2, 2013 from: University of Phoenix, week one, ACC-546 Auditing Course website.