Week 3 Paper

In: Business and Management

Submitted By ddaswisher
Words 768
Pages 4
October 10, 2011

Apollo Shoes Inc.
1234 Industrial Drive
Phoenix, AZ 12345

Attention Board of Directors and Shareholders of Apollo Shoes, Inc.

We have completed the audit of the balance sheet, income statement, statement of owner’s equity, and statement of cash flows. We have completed our audit of management’s assessment of internal controls. We have determined that Apollo Shoes management has implemented effective internal controls over financial reporting. It is our job, as your auditor, to express an opinion of the financial information and internal control position of Apollo Shoes, Inc. based on the information gathered during our audit of the company information. Our audits were conducted in accordance with Public Company Oversight Accounting Board (PCAOB). These guidelines ensure that throughout the audit we obtain sufficient evidence to provide reasonable, not absolute, assurance that the financial statements and related information are free from material misstatement. These regulations also require us to provide assurance that there are effective internal controls in place to aid in prevention and detection of fraud throughout the organization and over financial reporting. During the internal control audit we were able to gain an understanding of Apollo’s internal control system and test and evaluate individual controls to ensure their effectiveness. After these tests and evaluations we believe that our internal control audit will support our audit opinion of Apollo Shoes, Inc. We believe Apollo Shoes, Inc. has an effective internal control system that allows for their financial reporting to be in compliance with generally accepted accounting principles. These controls put in place by Apollo have been successful in preventing the misappropriation of assets, inaccurate financial reporting, and other types of fraudulent activity. In our…...

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