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Beginning the Audit Process Free Essays

Beginning the Audit Report Peter Serunjoji ACC546 January 15, 2012 Arlette Peoples Beginning the Audit Report MEMORANDUM TO: Larry Lancaster, Chairman, President, and CEO of Apollo Shoes, Inc. FROM: Matrix Certified Public Accountants (MCPA) Inc. , DATE: January 15 2012 SUBJECT: Beginning the Audit Report (Engagement letter, Engagement checklist, Outline of timeframes and milestones of the audit) Dear Mr. We will write a custom essay sample on Beginning the Audit Process or any similar topic only for you Order Now Lancaster, This letter is to confirm the understanding of the arrangements for the objectives and terms of the upcoming auditing procedure for Apollo Shoes, Inc. Our firm is pleased to continue to work with your company and perform the audit of the year ending on December 31, 2011. Our PCA staff members would like to confirm the audit objectives, terms, limitations, and nature of the services provided for this engagement. The highlight of our services will cover auditing financial statements that include the income statement, balance sheets, statement of retained earnings, and the statement of cash flows. The financial audits will make sure that financial statements are presented according to General Accepted Accounting Principles (GAAP). Since investors, creditors, managers, and government agencies use these statements, it is very important for the auditor to ensure all financial statements conform to GAAP (Arens, Elder, Beasley, 2006). The audit team will also examine and measure the operational performance by studying specific parts of the organization and evaluate the effectiveness and efficiency of operation activities on the financial statements. Our firm will gladly provide reasonable, but not absolute, assurance services that are performed by professional auditors to enhance the credibility of nternal controls, IT systems, financial statements, compliance with regulation and human resource practices. Our auditors will express conclusion reports that will enhance the confidence of users, creditors, bankers, and management. One of the assurance services provided by our firm is attestation services. â€Å"An attestation service is a type of assurance service in which the CPA firm issues a report about the relia bility of an assertion that is made by another party. Attestation services fall in to four categories: audit of historical financial statements, effectiveness of internal control over financial reporting, review of historical financial statements, and other attestation services that may be applied to a broad range of subject matter† (Arens, Elder,    Beasley, 2006, p. 9). Our team will help to define material weaknesses in the internal controls that can occasionally create material misstatements in the financial statements. With the experience of our team, it is possible to determine whether deficiencies in the reports are significant enough to be considered material weaknesses. The team will first work with the high-risk areas that require additional attention. These areas are sales and sales allowances, accounts receivable, inventory, expenses, property and equipment purchases. We will report our opinion after we are done with all the tests. We will discuss our opinion with you if the result is qualified opinion or if we have any concerns with continuing this engagement. Auditors will obtain documentary evidence to support their testing for the internal control and the examination of all transactions to verify the sufficiency of the information. Our team will need to gain an understanding of your control structure and perform assessments to determine any control risks. However, auditors are not responsible for providing assurance on internal control or identifying significant deficiencies. In addition, auditors are not responsible for detecting errors or frauds that are immaterial to the financial statements. Auditors can provide a detailed examination of all transactions that are performed under a high risk of material errors and can notify the audit committee if any significant deficiencies are deducted. Apollo’s management is responsible to maintain effective internal control over financial reports and make sure the company complies with the laws and regulations. Our team demands that the management provide us with all financial records and related information. We will require that your management team provide us with a letter to confirm management responsibility for the preparation of a financial statement in conformity with GAAP and provide all information necessary in a timely basis for our audit process. The timing of the auditing process and the schedules are listed below for your review. The timely completion of this work will be at the end of our audit work. Our firm’s fees of the auditing process are to be estimated on a base of hourly rates. Our initial estimate of total fees, $250,000. 00, will be billed as work progresses. In the case of unusual circumstances, the fees may be adjusted to the new expansion of the engagement. Unless terminated, amended or otherwise superseded, this letter remains effective for the future years. If your company agrees to the terms and conditions of this engagement, we would like to ask you to sign this letter and return it to us and keep a copy for your references. We appreciate providing you with our services. Accepted: Sincerely Acknowledged on behalf of Apollo shoes Company By: ________________ Name and title Date: ______________                                                                                        Audit/Engagement Checklist | Processes | Yes | No | Initial | Date | Deciding    to accept the new client, Apollo | | | | | Find out why the client wants or needs an audit | | | | | Make sure that the client understands the terms of the engagement to avoid misunderstandings | | | | | Selecting the required audit specialists staff for the engagement | | | | | Deciding on a time for a meeting with the client to explain the objectives of the auditing process | | | | | Perform    investigation about the company to determine if there is any potential liability to work with them | | | | | Specify the service that is provided by the firm to the company | | | | | Assigning the appropriate staff to the engagement to meet the Generally Accepted Auditing Standards | | | | | The staff that are assigned to the engagement must have a good Understanding the client’s business and industry | | | | | Make a visit to the client’s facilities to gain more understanding of its business | | | | | Find out if there is a related party to the client which has a combined business transactions | | | | | Request for the official record of the meetings of the board of directors and stockholders | | | | | Assess the risk that the business can face in the future | | | | | Make analyses and compare all the ratios to compare the client    to industry | | | | | Prepare all documents and paper work for all the steps and procedures that was done by the auditing team | | | | | Prepare final audit reports | | | | | Outline of Timeframes and Milestones for the Audit | | | | Start Date | Expected Completion date | Activity | | | | 1/17/2012 | 1/18/2012 | Meeting with the company board and discus the engagement objectives | 1/21/2012 | 1/23/2012 | Visit the facility | /25/2012 | 1/31/2012 | Collecting information about the company’ structure including internal control | 2/2/2012 | 02/08/2012 | Requesting management report | 02/10/2012 | 02/15/2012 | Assess client business risk | 02/17/2012 | 02/27/2012 | Perform preliminary analytical procedures | 02/29/2012 | 03/115/2012 | Prepare audit reports | The 90 days time period may be adjusted to offset any delays beyond a contracting officer’s control. Some examples of these delays are delays in receiving the results of technical evaluation and delays in receiving reports from DCAA Reference Arens, A. A. , Elder, R. J. , Beasley, M. S. (2006). Auditing and Assurance Services (11th Ed. ). Prentice Hall, Upper Saddle River, NJ: Pearson Prestice Hall. How to cite Beginning the Audit Process, Essays

Orphan Trains Essay Example For Students

Orphan Trains Essay Orphan trains and Carlisle and the ways people from the past undermined the minorities and children of America. The film The orphan Trains tells us the story of children who were taken from the streets of New York City and put on trains to rural America. A traffic in immigrant children were developed and droves of them teamed the streets of New York (A Peoples History of the United States 1492-present, 260). The streets of NYC were dirty, overcrowded, and dangerous. Just as street gangs had female auxiliaries, they also had farm leagues for children (These are the Good Old Days, 19). During the time of the late 1800s and early 1900s many people were trying to help children. Progressive reformers, often called child saver, attempted to curb exploitation of children (The American Promise, 834). One of the people who was obsessed with the plight of children was a man named Charles Brace. He created the NY Childrens Aid Society. This was a program that was best known for Orphan Trains. I n 1853, Brace founded this society to arrange trips, raise the money, and obtain legal permission needed for relocation (the Orphan trains, 1). The reaction to the orphan trains were both positive and negative. The main reason for the orphan trains was not to necessarily help the children but to clean up the streets. The children were treated horrible. They were forced to join in gangs to survive and live on the streets. These children were also known as street Arabs. Children are still being neglected and abused. The film Violence in American Tradition shows a case form the late 1980s. The case involved Lisa Steinberg and how she was murdered by her father. The viewer has to wonder why this wasnt prevented. After watching Orphan Trains the viewer sees haw people tried to solve the problem with children on the streets. There was a lot of controversy over this subject. People didnt know if it was better to take a child from his/her parent that was suppressed in poverty or send the child to a farm or elsewhere to work and start a new life. Brace believed the farmers would welcome homeless children, take them into their homes and treat them as their own (The Orphan Trains, 2). Some of the chil dren were treated fairly while others were treated like slaves. For example, when Elliot Bobo went on the orphan train and was dropped off he was approached by a farmer. The farmer went up to him and made remarks like Oh, youd make a good hand on the farm. With that remark Elliot reacted with a bit and a kick. Everybody in the audience thought I was incorrigible. They didnt want me because I was out of control. This was one of the different things that happened to the children while being shipped off and shipped out. This film surprised me. I never knew that that happened to children in those days. Slavery wasnt just the Negroes and Indians. It made me think how lucky I am to live in the day in age that I do, even though there are still children treated like this. I just was lucky and grew up in a good family. The film had missed emotions but you can develop one conclusion from the film. While certain people are trying to help children others are abusing their rights. This didnt mak e much sense. Their view does understand that there is a stronger need for the protection of children. People in the past worked hard for the future of children whether it was good or bad they thoughts were mostly positive. I fpeople of the future dont continue this trend but in a safer and more humane way than the work from the past will have been useless. .u9218c203e2d99a0c0183ecf6043c8237 , .u9218c203e2d99a0c0183ecf6043c8237 .postImageUrl , .u9218c203e2d99a0c0183ecf6043c8237 .centered-text-area { min-height: 80px; position: relative; } .u9218c203e2d99a0c0183ecf6043c8237 , .u9218c203e2d99a0c0183ecf6043c8237:hover , .u9218c203e2d99a0c0183ecf6043c8237:visited , .u9218c203e2d99a0c0183ecf6043c8237:active { border:0!important; } .u9218c203e2d99a0c0183ecf6043c8237 .clearfix:after { content: ""; display: table; clear: both; } .u9218c203e2d99a0c0183ecf6043c8237 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9218c203e2d99a0c0183ecf6043c8237:active , .u9218c203e2d99a0c0183ecf6043c8237:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9218c203e2d99a0c0183ecf6043c8237 .centered-text-area { width: 100%; position: relative ; } .u9218c203e2d99a0c0183ecf6043c8237 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9218c203e2d99a0c0183ecf6043c8237 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9218c203e2d99a0c0183ecf6043c8237 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9218c203e2d99a0c0183ecf6043c8237:hover .ctaButton { background-color: #34495E!important; } .u9218c203e2d99a0c0183ecf6043c8237 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9218c203e2d99a0c0183ecf6043c8237 .u9218c203e2d99a0c0183ecf6043c8237-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9218c203e2d99a0c0183ecf6043c8237:after { content: ""; display: block; clear: both; } READ: What Leads to Intervention?: A Case Study of Inter EssayWhen we first started watching the film on the Indian children I thought it was going to be helpful. But, as the movie progressed it made me realize that the Indians were being mistreated and were being brainwashed into forgetting their culture. The film In the Image of the White Man, deal with breaking down the culture of the Indians and turning them white. Richard Pratt, was the man who wanted to incorporate or immerse the Indian culture into the white mans world. In Indian civilization I am a Baptist, because I believe in immersing the Indians in our civilization and when we get them under holding them there until they are thoroughly soaked ( Carlisle Indian Industrial School History,2). The Children in this school had their entire identity transformed. The boys had their hair cut and both boys and girls were given new names. Richard Pratt knew that the children were the future and if he could change them he could wipe out the Indian culture. The children went from wearing moccasins to leather boots, beads to army uniforms, and the only time they would cut their hair normally was in the case of mourning. The children felt like an imitation of a white child. The Carlisle school, forbid the children to speak their native tongue to take away their heritage. Their lives were run as if they were training to be soldiers and had to listen for the commands of the trumpets and the whistles. The Indians learnt Christian hymns and religion. Category: History

Laozi Essays - Taoism, Laozi, Tao Te Ching, Tao, Chinese Philosophy

Laozi Laozi created Daoism, a well-known Chinese philosophy, but very little is known about his mysterious figure. It is said the he was born in the province of Henan in 570BCE (Encarta). Before becoming a philosopher, he worked as a court librarian at the imperial court. He also went by the name Lao-Tzu, which means Old Master. Very little is known about Laozis early life, but he is credited with creating Daoism and writing the Daode Jing, the most widely translated Chinese text. Laozis strong opinions and eccentric beliefs would lead to the formation of Daoism. Laozi overcame many obstacles before gaining followers. His wise council attracted followers, but he refused to set his ideas down in writing. He believed that written words might solidify into formal dogma (Internet 5). Laozi wanted his philosophy to remain a natural way to live life with goodness, serenity and respect. At age 80 he set out toward what is now Tibet, saddened and disillusioned that people were unwilling to follow his path to natural goodness (Grolier). Legend says Laozi set off into the desert on a water buffalo leaving civilization behind (Internet 5). When he arrived at the final gate at the great wall protecting the kingdom, the gatekeeper persuaded him to record the principles of his philosophy for posterity. The result was the Daode Jing. This ancient Chinese classic was translated more than any other book ever; except for the Bible (Internet 6). Laozi gained many followers after writing the Daode Jing. Laozi saw past everyday worries to focus on the dao, or the way of the universe as a whole (Ellis 91). The Daode Jing teaches that the dao is realized through recognition and acceptance of nothingness. Laozi thought that by doing nothing one could accomplish everything. He did not mean to literally do nothing, but to discern and follow the natural forces (Internet 6). First and foremost to be spontaneous in ones actions. He laid down no rigid code for behavior. He believed a person's conduct should be governed by instinct and conscience. Laozi believed that human life, like everything else in the universe, is constantly influenced by outside forces. He believed simplicity to be the key to truth and freedom. Laozi encouraged his followers to observe, and seek to understand the laws of nature; to develop intuition and build up personal power; and to use that power to lead life with love, and without force (Internet 5). Laozis teachings allowed fellow Daoists to have interesting views on the natural world. Laozis legacy will live on forever. His beliefs and opinions about the world as a whole are like none others. Scholars continue to study his teachings and find out more about this mysterious individual. Daoism will always remain one of the most interesting philosophies. Philosophy

Giving It Away †Nothing for Nothing

Giving It Away – Nothing for Nothing I’m going to take a stance here that may rub some of y’all raw. Quit giving away your work. It’s an old mantra with me . . . one that FundsforWriters was founded upon. You cannot make a living giving yourself away. Doctors don’t give away their expertise. Lawyers charge for their services. So do teachers, plumbers . . . even hookers do it. But you need exposure, you may say. No you don’t. Not that kind of exposure. Do you know what you look like when you pitch an editor or agent and the only items on your resume are: 1) Your serial novel on your blog;2) Your articles on websites that do not pay;3) Your poetry for free on your website;4) Your free short stories on anyplace that will take them. But you keep trying to sell your work and nobody buys it. So you figure you’ll post it online and somebody might discover it. Here are the flaws in that logic. LOGIC A. The people hungry for your free work usually aren’t the type willing to pay. Think about it. They’re usually trolling for free work, and continually seek the good deal. They have no desire to pay full price for a book or subscription, maybe not even one copy of a magazine where your work appears, because there’s ample free material available. LOGIC B.Editors and agents do not visit those freebie places. Not unless you happen to be that one in a million writer who trends on Twitter or manages to garner tens of thousands of readers. Not hundreds†¦thousands. Your odds are better pitching to editors. LOGIC C. If you are publishing for free because you keep getting rejected, then your writing might need work. People willing to pay for writing expect to receive a good return for their investment, so your work has to be refined and polished to rate their hard-earned dollar. LOGIC DIf you are publishing for free because you don’t want to learn the ropes of how to submit to publishers and markets that pay, you might not be made of strong enough material to weather this business. Argue with me. Go ahead. Then tell me how much money you’ve made from that â€Å"exposure.† I’m all ears. I’m not trying to hurt your feelings. On the contrary. I want you to make a buck at this business. But too many writers think that giving their work away is â€Å"exposure† or a means to â€Å"getting discovered† when in reality, they usually end up sitting in place and waiting for nothing†¦and doing it for a long time. It’s understandable you need to be proactive, but put that energy to good use in the right direction. 1) Improve your writing2) Sell your work3) Promote yourself. You don’t want to appear so desperate you give it away. In all aspects of your life, how much quality do you attribute to something that was given to you for free? If you give your writing away for free, you cant afford to remain a writer for long. Fight to stick around . . . get paid for your work.

Observation and Reaction assignment Essay Example | Topics and Well Written Essays - 250 words

Observation and Reaction assignment - Essay Example He found that discounting was the future of retail. This strategy led to the success of his business. Relating it to nursing, in order to gain positive patient outcomes, nurses and practitioners must be able to make strategic decisions that prove to be beneficial for patients in the long run (Sare & Ogilvie, 2010). Walton held the view that one should go the opposite way of the conventional methods to be successful. This strategy can be applied to gain patient outcomes by ignoring the traditional ways of dealing with patients and treating them the way others are not following, to make a unique niche. This will attract more patients, and will also improve the quality of health care. For example, under situations when nurses have to deal with drug addicts, they should focus more on their psychotherapy rather than traditional medicines. To conclude, Sam Walton’s leadership style and competencies should be applied in the field of nursing to gain quality patient outcomes. Nurses can use Walton’s strategic planning to improve the quality of services. They are also suggested to use Walton’s nontraditional style for treating

Strategic Analysis Research Paper Example | Topics and Well Written Essays - 3000 words

Strategic Analysis - Research Paper Example The Gulf Region consists of six distinct member countries say Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (International Monetary Fund, 2003). The challenges experienced regarding tools and techniques used for the purpose of evaluation will also be analysed critically. PEST Analysis is a Strategic Management device used for scanning environmental variables in macro level of an economy to examine business prospects of a new organization in the economy or to understand the political, economic, social and technological factors that may influence business operations of an organization (Cullen, 2011). Apart from its stable business in the UK, Costa Coffee has expanded its business in emerging nations such as China, India, Pakistan as well as countries in Gulf Region. In this discussion, how the macroeconomic variables prevailing in the Gulf Region influence the operations of Costa Coffee will be evaluated. Political environment of Gulf Region works towards developing coordination, integration and inter connection among the member countries. Gulf Cooperation Council (GCC) is the regional intergovernmental body for controlling the economic and political matters arising out of those six countries (Enz, 2009). Hence, uniformity in trade regulations and tax structure can be experienced as a result of strict monitoring and control of GCC which helps foreign companies like Costa Coffee to expand their business in this region. In the post reform period, Government has taken the initiative to reduce the direct, indirect and corporate taxation to a great extent. Replacing the old tax structure with modern tax laws have resulted in severe cut down of tax rates from as high as 55% in Kuwait to as low as 10% in Qatar. Corporate tax has also been range bounded between 10% and 20%. Such enhanced fiscal policy taken by Gulf Countries,