While evaluating Apollo Shoes‚ there are some areas of concern that are potential fraudschemes. The fraud can lead to the entire collapse/demise of the company if not corrected.These will also affect the share value and investor confidence. An overview of the process of investigation along with recommendations for the company.As with any company‚ revenue recognition is an important part of operations of a ApolloShoes. As stated in GAAP standards‚ revenue generated must be realistic and recognizable
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my recent promotion; I look forward to working with you on the new Apollo Shoes engagement. I have read all the information you sent me about Apollo Shoes to gain a better understanding of the company‚ and I feel like I have a firm grasp of the company structure and environment. After reviewing the company’s last three board of directors meetings‚ I determined what expertise would be necessary to carry out the audit on Apollo Shoes. If you can assign these staff to our audit team‚ the productivity
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Engagement Letter Apollo Shoes‚ This letter is to confirm our understanding of the terms and objectives of our engagement and the nature of the services we will provide. We will audit the consolidated balance sheet of Apollo Shoes as of year end 2007‚ and the related consolidated statements of operations‚ retained earnings‚ and cash flows. The objective of our audit is the expression of an opinion about whether your consolidated financial statements are fairly presented‚ in all material
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Apollo Shoes Audit Report Anderson‚ Olds and Watershed Certified Public Accountants 123 Main Street Upper Saddle River‚ NJ 00712 INDEPENDENT AUDITOR’S REPORT To the Stockholders Apollo Shoes‚ Inc. We have audited the accompanying balance sheets of Apollo Shoes‚ Inc. as of December 31‚ 2008‚ and the related statements of income‚ comprehensive income‚ shareholders’ equity‚ and cash flows for the year ended‚ and related notes to the financial statements. We have also audited management’s assessment
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Dear Mr. Smith‚ This letter confirms our understanding of the arrangements for our audit of the financial statements of Apollo Shoes‚ for the year ending December 31‚ 2012. We will audit Apollo Shoe’s balance sheet as of 12/31/2012‚ along with the related income statement‚ statement of retained earnings‚ and statement of cash flows for the entire year of 2012. We will provide a professional opinion based on the information found in the audit. All of the financial statements will be the responsibility
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Beginning the Audit ACC 546 June 11‚ 2012 Anderson‚ Olds and Watershed Phoenix‚ Arizona 85003 Mr. Larry Lancaster Apollo Shoes Phoenix‚ Arizona 85003 Dear Mr. Lancaster‚ The purpose of this letter is to make sure we have an understanding as to what the audit of Apollo Shoes financial statements will consist of for the year ending December 31‚ 2011. The objective of this audit of the company’s financial statements is to confirm that all aspects of the company are in compliance
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Mr. Lancaster‚ The firm of Anderson‚ Olds‚ and Watershed is pleased to receive your notification to proceed with the audit and look forward to working with you. From the Audit Committee meeting minutes‚ we understand that Apollo Shoes requires help with the yearly audit because the former CPA firm withdrew unexpectedly (University of Phoenix‚ n.d.). Anderson‚ Olds‚ and Watershed will conduct the audit and “prepare the state franchise tax returns as well as the federal tax returns” (University
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rP os t IMB 357 S. RAMESH KUMAR‚ ANDE TEJA AND SYED HUSSAIN EXPLORING CATEGORY BENEFITS FOR BRAND BUILDING: KAYA AND THE BEAUTY CARE MARKET op yo India has been an emerging market that is witnessing radical changes in lifestyles and spending patterns of customers. Customers have been used to branded creams and lotions‚ and several of these offerings are being advertised with strong symbolic appeals associated with enhanced self-concepts. Kaya was also a brand in the beauty care
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000‚000 Deferred Subscription Costs $6‚000‚000 To recognize and record the deferred subscription costs being expensed. The company needs to expense the projected uncollectible debts. Bad debt expense $4‚000‚000 Allowance for uncollectible accounts $4‚000‚000 To create an allowance for uncollectible debt. For the expected warranty expense‚ there is not probability given of how much it will cost. So going on the low side it could only be $2 million and on the high side it could be $6 million
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standards. Confirmations show existence and valuation of accounts and notes receivable. The positive confirmations are used to ask the customer to respond whether the balance is correct or incorrect. The negative confirmations ask for a response only if something is wrong with the balance. If no response is received‚ it is considered evidence that the account is stated fairly. With the positive confirmations‚ we are trying to find information on account balances or specific invoices. We sent positive confirmations
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