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Apollo Shoes engagement letter

Apollo Shoes is satisfied with the services your firm offers and wants to continue with the audit. Apollo Shoes would like you to prepare a letter that explains how you plan to begin the audit process. This brief letter introduces / outlines each component within the packet (Engagement Letter, Checklist, and Timeframes).

- Include in your packet the following documents for the management at Apollo Shoes.

o Engagement Letter
o Engagement Checklist
o Outline the Timeframes and Milestones for the audit

Solution Preview

Please see the attached. Let me know if you have any questions

Beginning the Audit Report

Audit Process Plan

100 Shoe Plaza
Shoetown, ME 00001
[ENTER TODAY'S DATE]
Larry Lancaster
Chairman, President and CEO
Apollo Shoes, Inc.
100 Shoe Plaza
Shoetown, ME 00001

Dear Mr. Lancaster,

This letter explains how I intend to carry out the audit process for Apollo Shoes, Inc. I will continue audit services for the company, which will involve a series of steps. I first need to receive the preliminary list including organizational charts and financial statements. I will plan the engagement while assessing the risk. Risk assessment will help me identify key risks that the company has and making plans on how to properly address those risks. After risk assessment is complete, I will plan the audit and schedule a meeting with management of Apollo Shoes, Inc.
During the management meeting, senior management and administrative staff who will be involved in the audit process need to be present. I will discuss with them the overall scope of the audit, and answer any questions about audit areas that the staff is concerned about. We will then go over the timeline of the audit and ensure that timing issues and deadlines are satisfactory to both the auditor and the client.
After the meeting, I will finalize the audit plan before beginning fieldwork. Fieldwork will involve discussing the organization with staff members, learning about the business and their processes, and testing of any key controls that are in place. I will also do testing to ascertain whether or not the company is adhering to any applicable laws and regulations. I will let the staff know during this process that I will allow them the opportunity to discuss any exceptions or issues noted during testing. This ensures that there are no miscommunications about the contents of the report, and no surprises on the part of management when they have ...

Solution Summary

The expert examines Apollo Shows engagement letters. The expert outlines the timeframes and milestones for the audit.

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