MEMO TO: Darlene Wardlaw FROM: Bradley Crumpler DATE: September 20‚ 2014 RE: Staffing Memo for the Apollo Shoes‚ Inc. audit for 12/31/2014 After reviewing last year’s (2013) 10-K filing with the SEC‚ the board of directors’ minutes‚ and other documents pertaining to Apollo Shoes‚ Inc. here is our initial recommendation for staffing requirements: Audit engagement partner * Audit manager * It audit specialist Tax partner Quality assurance partner Legal specialist Audit Staff * Audit Engagement
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activity occurring within Apollo Shoes‚ Inc. After much discussion‚ the most probable fraud scheme at Apollo involves accounts receivable due to the accounts being overstated. The overstatement is significant enough to warrant additional audit testing. The potential for fraud in the accounts receivables lies in the lack of review procedures for the allowance of bad debt. There is no clear guidance in how much should be set aside for this purpose. The atmosphere of Apollo Shoes‚ including Mr. Lancaster’s
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Syllabus School of Business ACC/556 Version 5 Forensic Accounting Copyright © 2012‚ 2011‚ 2009‚ 2008 by University of Phoenix. All rights reserved. Course Description In this course‚ students are introduced to the conduct of fraud examinations‚ including a discussion of specific procedures used in forensic accounting examinations and the reasoning behind these procedures. Topics include an overview of fraud and abuse‚ forensic evidence‚ substantive procedures for cash outflow irregularities
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Apollo Shoes Engagement Letter Larry Lancaster President & Chairman Apollo Shoes 100 Shoe Plaza Shoetown‚ ME 00001 Dear Mr. Lancaster: The memo verifies the agreement of the purpose of the engagement and the quality and constraints of the services the firm offers. Talbot Auditing Firm will review the financial statements of Apollo Shoes at the end of the year. Talbot auditing firm will review the accounts such as the operations records‚ retained earnings‚ and cash flow accounts. An
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Kendrick Cross‚ Teresita Gunn‚ Geri Franco‚ Heather Swayze ACC/546 July 08‚ 2013 Joseph Oloyede Sales and Collection Cycle When engaged in auditing a public firm‚ such as Apollo Shoe Inc.‚ an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather a substantial fraction of the audit
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Week 2 DQs.1.doc ACC 492 Week 2 LTA Apollo Shoes Case Assignment (Accounts Receivable Memo).1.doc ACC 492 Week 2 LTA Apollo Shoes Case Assignment (Payroll Bridge Working Paper).1.doc ACC 492 Week 2 LTA Apollo Shoes Case Assignment (Trial Balances).1.xls ACC 492 Week 3 Assignments from the Text.1.doc ACC 492 Week 3 DQs .1.doc ACC 492 Week 3 LTA Apollo Shoes Case Assignment (Inventory Audit Section).1.xls ACC 492 Week 3 LTA Apollo Shoes Case Assignment (Inventory Observation
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business and products Apollo Shoes manages. It will also provide the necessary staffing we will need to have for this audit. Apollo Shoes provides high tech electronics for todays modern athlete. They’re committed to pushing the envelope and expanding they’re products to the global and galactic marketplace. With this in mind‚ we will need to find and industry specialist to assist the audit team to provide us with a better understanding of the complex products that Apollo Shoes provides. In addition
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2013 Larry Lancaster Chairman‚ President and Chief Executive Officer Apollo Shoes‚ Inc. 3411 Silverside Road Wilmington DE‚ 19810 Dear Mr. Lancaster‚ I understand that Apollo Shoes‚ Incorporated is concerned about acquiring certain auditing and assurance services. In today’s business world a company needs to stay ahead by operating more successfully and proficiently than its competition. Stromsodt can help Apollo Shoes to gain this advantage by offering auditing and assurance services designed
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Financial Statement Fraud Schemes While evaluating Apollo Shoes‚ there are some areas of concern that are potential fraud schemes. Fraud can lead to the entire collapse of a company if not corrected‚ and will also affect share value and investor confidence. This paper provides 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 for Apollo Shoes. Generally accepted accounting principles (GAAP)
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different accounting departments at Apollo Shoes. An audit program will be designed according to the three cycles that will be outlined below. The first cycle that will be discussed is cash‚ then accounts payable and finally the payroll function. These cycles will be evaluated for substantive procedures for Apollo Shoes and detect irregularities for each section and an appropriate audit program will be designed for each department. Cash At Apollo Shoes irregularities or cash schemes‚ which
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