What would a typical SAS 99 Memo and Staffing Memo for Apollo Shoes look like?
Apollo Shoes SAS 99 Memo
December 31, 2011
As a result of our audit planning meeting where we brainstormed about fraud risk factors, we found the following risk factors:
1. Strong competition (pressure) in industry
2. One individual dominates the control environment (opportunity)
3. Net income significantly higher but sales down slightly
4. Strong pressure to meet earnings targets (pressure)
5. Sales returns indicate potential quality or other troubles
6. Product litigation ...
Your discussion is 276 words and gives seven risk factors and seven plans to respond. The audit staffing memo discusses whether special expertise is needed or not.