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Acc 546 Week 1 Essay

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Beginning the Audit Report
Alfred Gitter
ACC 546
Instructor: Allan Foster

Gitter Firm, CPAs
Chicago, IL 60606
November 11, 2013
Mr. Larry Lancaster, Chairman, President & CEO
Apollo Shoes, Inc.
5254 Shoes Dr.
Chicago, IL 60606

Dear Mr. Lancaster,
This letter will confirm our understanding of the arrangements for our audit of the financial statements of Apollo Shoes, Inc. for the year ending December 31, 2013. We are pleased to work with you and our CPAs will be assigned to gather the required information necessary to eliminate any objectivity. The audit objectives, terms, limitations, and nature of services provided will be confirmed prior to engagement. Upon completion of our audits, we will provide you with an independent opinion regarding the fairness in which Apollo Shoes, Inc. presents information in all material respects, the financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America.
The audit will be conducted in accordance to generally accepted auditing standards. These standards do not require absolute assurance that the report is completely free of material misstatements caused by error or fraud; this instead is based on a level of reasonableness. Our audit is not designed necessarily to detect material misstatements and some material misstatements may remain undetected if the effects are immaterial to the financial statements. If for any reason we are not able to complete the audit or are unable to form an opinion due to material misstatements we may decline to express an opinion or withdraw from the engagement.
Our audit does include obtaining an understanding of the internal controls to determine the procedure, timing and extent of audit testing. However, we are not responsible for providing assurance on internal control or to identify deficiencies. Any deficiencies that our auditors uncover will be reported to management.

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