The operational audit studies the specific parts of an organization with the purpose of measuring its performance. Performances are measured in terms of effectiveness and efficiency such as auditing shipping and receiving or the sales departments. The benefit of these types of audits can positively affect the profitability of the organization. The financial audits, which we are doing, consist of auditing financial statements. The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP).
What is meant by consistency when discussing financial accounting information? a. Information that is measured and reported in a similar fashion across points in time. b. Information is timely.
Larry Lancaster Chairman, President, and CEO Apollo Shoes, Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Larry Lancaster: I am excited for the opportunity to do business with you and your company, Apollo Shoes. The purpose of this letter is to explain the services that my firm has to offer as well as listing the great benefits these services will be to your company. I will discuss the responsibility to follow regulations measurements. It will also explain my role in servicing my audit clients. There are three specific types of audits that my firm has to offer.
June 22, 2013 Larry Lancaster Chairman, President and CEO Apollo Shoes, Inc. One Apollo Plaza Syracuse, NY 13214 Re: Audit and Assurance Services Dear Mr. Lancaster We appreciate your company’s interest in obtaining audit and assurance services from our firm. Our attributes of independence, integrity, and competence, keep our organization a leader in the industry. My name is Tais Silva, I would like to introduce myself as a Senior Auditor of our firm and take the opportunity to outline the auditing and other assurance services that our firm offers and the benefit each has for your company. In addition I will explain my role in providing these services and describe the requirements for meeting the standard by the services our firm offer. Auditing and Other Assurance Services Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.
It is a review of management and how operating procedures work. How effective and efficient the procedures are for the company. Although operational audits reveal possible problems in the financials statements, a compliance audit and fraud audit will help Whitfields internal
Under Section 404 of the act, these findings must detail any uncovered control deficiencies or instances of employee fraud, and must also be reviewed and attested by the registered accounting firm. The authors of the report must certify that the report does not contain any false information, misleading statements or significant omissions, and that the financial statements and information included in the report accurately represent the financial condition of the company. Under Section 401 of the act, this representation must account for both balance and off-balance sheet debts, obligations and transactions in order to facilitate maximum transparency for shareholders (Nikolas, Daniel. Nd Effects of the Sarbanes-Oxley Act). The act serves as a guideline and governs what an accountant should and should not do when reporting financial flows.
This review of the organisation helps to keep it honest and reassures the employees and investors of the financial position of the company. They will reveal accounting mistakes and the misuse of funds. Audits can be done either internally by the accounting department of the company concerned, or externally by an independent neutral third party. 5. What are: a)
Depending on the results of the evaluation, __ Auditing should guarantee that Apollo Shoes, Incorporated has adequate internal control over financial statements. __ Auditing Firm’s has observed financial statements by anglicizing the validity of the supporting documents. The disclosures notes attached to the financial statements have given __ Auditing a comprehensive assessment of the manager’s decision making process. The important assessment of the financial statement was to evaluate Apollo Shoes, Inc. financial strength and whether the organization badly stated any financial reports to the shareholders or consumers. The evaluation of the organization usefulness of the internal control, and provides very important information of the organizations achievement habits in the economy.
Taylor Swift, CPA Senior Auditor Anderson, Olds, and Watershed, CPAs 1234 W. Elm Street Shoetown, Maine 04003 December 10, 2012 Mr. Lancaster Chairman, President and CEO Apollo Shoes, Inc. 5637 E. Birch Street Shoetown, Maine 04003 Dear Mr. Lancaster: Thank you for choosing Anderson, Olds, and Watershed, CPAs for your auditing and assurance service needs. We are confident that you will be very satisfied with our company has to offer. Our firm specializes in assurance services, although we also offer non-assurance services. “An assurance service is an independent professional service that improves the quality of information for decision makers. Such services are valued because the assurance provider is independent and perceived
I also helped with filing paperwork and distributing mail to employees within the office. My experience with Arizona Jeans Company taught me the importance of being a reliable employee and meeting deadlines on time. I believe that the combination of my computer software abilities, excellent time management skills, and prior office assistant experience would allow me to excel as an employee at Delta Consulting. Enclosed is my resume for your review. Thank you for your time and consideration.