Evaluation of Audit Evidence and Formulation of Audit Report – Apollo Shoes Incorporation [Instructor Name] Evaluation of Audit Evidence and Formulation of Audit Report – Apollo Shoes Incorporation There are a number of issues which have been identified during the process of auditing the financial statements of Apollo Shoes Incorporation…
It is the responsibility of the management of Apollo Shoes Incorporation to prepare these financial statements. We are responsible to conduct the audit of financial statements of the company and to express an opinion on the basis of audit findings. In addition to the audit 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, 2007, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO criteria). APOLLO SHOES’ management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of internal control over financial reporting. ...
Our audit of the financial statements including examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely ...
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The internal audit function seeks determine to express an opinion on whether an entity’s financial statements show a true and fair view of the companies operations. Inclusive in showing a fair view is the need to ensure that it has been prepared in accordance with accepted accounting standards.
The audit follows the basis on the international Standard of Auditing and general accepted audit standards of United States of America. Key target of the audit is to obtain a reasonable assurance on whether there are any material misstatements on the financial statements.
The first part of the report identifies the major risks, which the company faces at present and the ways in which these risks can be eliminated. In the second part, the report discusses the information required and procedures to be performed for the purpose of audit planning and risk assessment of the entity.
In the year 1991, the different principles of IAPC principles were recodified as ‘International Standards on Auditing’ (ISA). In the year 2001, a widespread evaluation regarding the IAPC was commenced and in the year 2002, it was re-established as the IAASB.
This report examines an environmental audit of my construction company's current project headquarters in Doha, Qatar. The scope discusses the fundamental activities that were conducted.This report examines an environmental audit of my construction company's current project headquarters in Doha, Qatar.
Data from remote factories and branches is going to be transmitted to the server through the British Telecom telephone system. By connecting oneself to the internet, an individual is opening himself to attacks on his computer and unauthorized access to his computer from people on the internet or others from within the company.
It's an ongoing evaluation of the financial wellbeing of a company's operations by its own employees. Employees who carry out this function are called internal auditors. (Coyle, 2005)
In an internal audit, the internal auditors determine, assess and supervise an organization's risk management, reporting methodologies, and control practices; at the same time give proposals for advancement.
ud, internal control weaknesses and problems, suggested control methods relating with this particular case study along with a summative conclusion will also be taken into account in the discussion of this paper.
A payroll system is used by an organisation primarily in order to
The information collected through auditing is essential as it helps an organization in decision making. Shareholders of a company develop confidence when the audit reports are positive and indicate the
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