Auditing and Apollo Shoes Essay

Submitted By saraw9279
Words: 1112
Pages: 5

Auditing Introduction Letter
Sara Weaver
May 25, 2015
Jacob Matthews
Auditing Introduction Letter
Larry Lancaster
Chairman, President, and Chief Executive Officer
Apollo Shoes, Inc.
3411 Silverside Road
Wilmington DE, 19810

Dear Mr. Lancaster,
Apollo Shoes has requested us to provide auditing services for your company. As an auditor of Anderson, Olds, and Watershed (AOW) CPA firm, it is my honor to present Apollo Shoes with an introduction to our auditing services. In addition to other assurance services that we can provide to your organization. Also, the benefits of these services to Apollo Shoes as a client. At AOW, we believe by explaining our qualifications, and the requirements of an audit, as well as our role as external auditors, and assurance providers. It is our hope that the outcome will be that Apollo Shoes will have a better understanding of the services that AOW offers, and the benefit to the Apollo Shoes organization.
Auditing and Assurance Services There are several types of services that are offered by AOW the first being auditing. "Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria.
Auditing should be done by a competent, independent person” (Arens, Elder, & Beasley, 2014, p. 4). In addition to the auditing services offered by AOW, are also pleased to offer Apollo Shoes additional assurance services. “An assurance service is an independent professional service that improves the quality of information for decision makers. Such services are valued because the assurance provider is independent and perceived as being unbiased with respect to the information examined” (Arens, Elder, & Beasley, 2014, p. 8).
Auditing and Assurance Services
AOW is pleased to offer the following auditing services:
Financial Audit Services- Financial service audits consist of the review and critique of the organization's financial statements and reporting processes. The benefits of those type of service being performed by an independent auditing firm include ensured compliance with GAS and the issuance of a qualified auditor's opinion.
Operational Audits- Operational audits consist of the review, and critique of the organization's operation procedures. The benefits of this type of audit service, allow the organization to see what areas they could improve services to ensure continued financial viability. Also allowing Apollo to learn additional profit saving measures, and areas of weakness that are costing the organization valuable resources.
Compliance Audits- Compliance audits consist of the review of operational protocol's and standards required by an outside entity. The benefits of this type of service ensure compliance with regulations and procedures that the organization must comply. To ensure safety, and other industry regulations.
Information Technology Audit- IT audits ensure that the organization has a secure working environment to safeguard the organization's assets, and information, also protecting client data. The benefits of this type of service ensure that the organization can preserve the required information, and remains vigilant against outside and internal risks.
Consultation or Advisory Audit- Consolation audits include a review of the organization and a recommendation as to the types of audits and organization could need. The benefit of this kind of service is a general understanding of the services that may be required by the organization.
In addition to the auditing services offered AOW also provides the following assurance services:
Financial Assurance Services- “Financial assurance services often evaluate existing information, but they also might serve to provide context to the information, or to assess how relevant the information ultimately is. In some cases, an examination of financial measurements at a company could indicate that the enterprise…