ZuoTi.Pro
Question

Please help ASAP. Will rate!

1. Intro: Read through the meeting minutes &find an engagement letter in the textbook and read it (dont have to write one) then write a list of the staffing you thing you need for the engagements (tax specialist, IT specialist for when the computers stop working, etc) Board minutes are in document 5 2. Board Minutes: Read through the board minutes (board minutes provide a history of every important event and transaction that the client has undergone during the past year). Make notes of any red flags and any other info that you think is relevant for the audit. (Anything that would affect quality of the financial statements or the companys ability to continue as a going concern. List any fraud risk factors you see in board minutes or other company info.

Minutes of the Audit Committee, Apollo Shoes October 17, 2017 Present at Meeting: Amold Anderson, CPA (partner in charge of the audit); Darlene Wardlaw, CPA (engagement manager); Eric Unum (Apollos vice president of finance); Mary Costain (Apollos treasurer) Samuel Carboy (Apollos controller); and Karina Ramirez (Apollos director of internal audit). The three members of the audit committee of the board and the corporate secretary also were present, but they did not enter into the conversation. Mr. Unum (VP finance): Well, I want to welcome the auditing firm of Anderson, Olds, and Watershed, CPAs to what we call the Apollo Shoes Experience. After our old auditors, Smith & Smith, CPAs, unexpectedly withdrew from the engagement, we were very happy to have a firm of your quality to come aboard Mr. Anderson (partner on the audit): Well, we are always looking for high quality clients. By the way, why did your previous auditors resign? Mr. Unum (VP finance): Id rather not talk about it. Arnold, will Darlene be in charge? Mr. Anderson (partner on the audit): Yes, and she will be assisted by several of our best staff, including an income tax specialist and an information technology auditor. We need to keep up to date on your computer information systems. Back to your previous auditors, with your permission, we would like to contact them. Mr. Unum (VP finance): Well, wed rather you didnt. There may be some litigation since they withdrew from the engagement with so little notice. Is it necessary for you to speak with them to accept the engagement? Mr. Anderson (partner on the audit): No, not really, but it does raise some concerns for our firm Ms. Costain (treasurer): In the past, we have never had any unpleasant discoveries of embezzlement or theft, but we always want to be vigilant. Will you plan enough in-depth auditing to give us assurances about errors and frauds in the accounts? Ms. Wardlaw (manager on the audit): We will follow audit standards and base our audit work on samples of transactions. We plan the work to look for major errors and frauds in the accounts, but cleverly hidden schemes might not be discovered Ms. Ramirez (internal auditor): Darlene, I agree, its hard to uncover clever schemes. While I am new to Apollo, none of the projects that I have undertaken this year shows anything amiss, other than normal human error types of mistakes Ms. Costain (treasurer): This year, we want to add some work to the audit. I am short on staff time and need to have you prepare the state franchise tax return as well as the federal tax returns Ms. Wardlaw (manager on the audit): Our tax staff person can do the state and federal returns, and I w have them reviewed by Maria Olds, our tax partner. In order to perform the tax work, Sarbanes-Oxley requires that we get prior approval from the audit committee to perform both the tax work as well as the audit.Mr. Anderson (partner on the audit): I assume you also want us to review the 10-K filing material:? Mr. Unum (VP finance): Yes. Will you need any staff help from us? Ms. Ramirez (internal auditor): Last year, Apollo was able to save on audit fees when my staff prepared a stack of schedules and analyses that our previous auditors needed. Ms. Wardlaw (manager on the audit): Yes, Karina, I will give you a list of schedules for various accounts. I will appreciate your having them ready when we start fieldwork near the beginning of January. Mr. Carboy (controller): Speaking of being ready, we will be able to give you a trial balance the day after December 31, on New Years Day!. Mr. Unum (VP finance): How much is this going to cost us? Mr. Anderson (partner on the audit): It is difficult to give you a fixed fee deal, but my estimate, considering the additional work, is $750,000. Darlene will let you know immediately if problems arise to cause the work to be more extensive Mr. Unum (VP finance): Thank you. This has been a productive meeting of the minds. We look forward to your getting started next month. Meeting ended 5:30 P.M. Secretary /s/ Jeff Chesnut,

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1. List of staffing that would be needed :

i) Tax Specialist staff (For State & Federal Returns)

ii) Audit Specialist staff (For Performing Audit functions & 10 K fillings)

iii) Information Technology Specialist (For keeping in loop the functioning of the client's IT)

iv) Staff from Client's (for grond work & other reports)

v) Senior Partner in all the above mentioned areas (For review & finalisation of Audit Reports)

0 0
Add a comment
Know the answer?
Add Answer to:
Please help ASAP. Will rate! 1. Intro: Read through the meeting minutes &find an engagement letter...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the...

    The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the needed changes/additions directly on the Engagement Letter. LILTS BERGER & ASSOCIATES 4-1 Certified Public Accountants CW 11/23/2018 Ocean City, Florida 33140 October 30, 2018 Mr. Donald Phillips, President 36 Clearwater Lake Road Ocean City, Florida 33140 Dear Mr. Phillips: You have requested that we audit the financial statements of Oceanview Marine Company, which comprise the balance sheet for December 31, 2018, and the related...

  • Please read the attached case: Navistar International and prepare answers to the following four questions In...

    Please read the attached case: Navistar International and prepare answers to the following four questions In a bizarre twist to a bizarre story, on October 22, 2013, Deloitte agreed to pay a $2 million penalty to settle civil charges—brought by the PCAOB—that the firm violated federal audit rules by allowing its former partner to continue participating in the firm’s public company audit practice, even though he had been suspended over other rule violations. The former partner, Christopher Anderson, settled with...

  • Corporate Finance For each 5 part question, please read the argument carefully and discuss why you...

    Corporate Finance For each 5 part question, please read the argument carefully and discuss why you agree or disagree with it. You must assess the argument itself rather than other information such as occupations of speakers. True or False question. part 1) part 2) part 3) part 4) part 5) Your friend, Bob, says ” The current gold price is $8 per ounce and the one-year forward gold price is $9 per ounce. If you buy gold now and sell...

  • 1. Do you agree with Deloitte's assertion that Adams had no "substantive role" in the 2008...

    1. Do you agree with Deloitte's assertion that Adams had no "substantive role" in the 2008 and 2009 Caesars audits? Defend your answer. 2. The SEC applies a principles-based approach to mitigating the risks that may undercut auditor independence. Identify the four guiding principles applied by the SEC to protect the independence of auditors of public companies. 3. Assume Adams had used his personal funds to finance his gaming activities in the Caesars casino. Under those circumstances, would he have...

  • Hi, Kindly assist with my project management assignment below using the attached case study Question 1 Update the project charter for the remainder of the project in response to Adams’ memo (lines 241...

    Hi, Kindly assist with my project management assignment below using the attached case study Question 1 Update the project charter for the remainder of the project in response to Adams’ memo (lines 241 through 246). Question 2 Prepare a plan for the remainder of the project in response to Adams’ memo (lines 241 through 246). Your answers to the above will be assessed in terms of the level of communication displayed, the insights and inferences drawn, and your ability to...

  • Operations Brony’s Bikes was incorporated more than 30 years ago to manufacture ten-speed touring bikes. An...

    Operations Brony’s Bikes was incorporated more than 30 years ago to manufacture ten-speed touring bikes. An exercise bike and mountain bikes later added to the product line. Currently, the company manufactures the following products: Grand Prix:   Ten-speed touring bike Phoenix:          Deluxe eighteen-speed racing bike Pike’s Peak:     Twelve-speed mountain bike Himalaya:        Eighteen-speed deluxe mountain bike Waistliner:       Stationary exercise bike All of these products are manufactured in a single facility, which is located in eastern Texas. Derailleurs (front and rear) comprise a...

  • Fraud at Berry, CPA’s BERRY, CERTIFIED PUBLIC ACCOUNTANTS Brief History of the Firm In 1999, John...

    Fraud at Berry, CPA’s BERRY, CERTIFIED PUBLIC ACCOUNTANTS Brief History of the Firm In 1999, John Berry graduated from college with an accounting degree. After 10 years at an international accounting firm, John decided to start his firm, Berry, CPA’s. The firm, located in Oakwood, caters to local clients; specifically, John and his staff of four professionals specialize in non-public companies. The majority of the services provided by Berry, CPA’s are tax planning and preparation; however, the firm also performs...

  • Please read the attached article from the New York Times and write a short paper answering...

    Please read the attached article from the New York Times and write a short paper answering the below questions. There is no length minimum for the essay. I would anticipate approximately 1-2 pages double-spaced, 12pt Times New Roman font to address all required elements. Papers over 2 pages will receive an automatic reduction of 50%. Your task is to accomplish two goals in your paper: Analyze a business problem(s) presented in the article and describe its effect on the business...

  • The PTL CLub - Jim and Tammy Faye Bakker I need help with the discussion questions listed at the bottom... THE PTL CLUB...

    The PTL CLub - Jim and Tammy Faye Bakker I need help with the discussion questions listed at the bottom... THE PTL CLUB Jim and Tammy Faye Bakker launched the PTL Club in January 1974. This show was one of the most successful television ministries for more than a decade. The broadcast of the PTL Club utilized almost 200 television stations to reach a national audience of approximately 12 million viewers. PTL stood for both “Praise the Lord” and “People...

  • Unhealthy Accounting at HealthSouth PROBLEM In 1996, key executives of HealthSouth, one of the nation’s largest...

    Unhealthy Accounting at HealthSouth PROBLEM In 1996, key executives of HealthSouth, one of the nation’s largest providers of health care services, began a massive fraud that eventually amounted to $2.7 billion. HealthSouth is a textbook case of unbridled greed combined with a lack of corporate governance, which illustrates the difficult situation that auditors face when clients perpetrate a massive, collusive fraud. HealthSouth was founded in 1984 by Richard Scrushy and coworkers at Lifemark, a Houston-based company that owned and managed...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT