Auditing Introduction Letter
March 3, 2013
March 3, 2013
Executive Senior Vice-President and CFO
Apollo Shoes Inc.
100 Shoe Plaza
Shoetown, ME 00001
Dear Mr. Bootwell,
Thank you for taking the time to speak with Arnold Anderson, Darlene Wardlaw, and me last week. I understand from our conversation that you recently parted ways with your former auditing firm as a result of mutually incongruent goals. I appreciate your interest in Anderson, Olds, and Watershed (AOW) and want to explain some of the many audit and assurance services that my firm has to offer.
As a publicly traded company, the Securities and ...view middle of the document...
The assurance provided by a review of historical financial statements is often sufficient to meet the needs of external stakeholders and may be of interest to Apollo Shoes considering the firm’s recent decision to change auditors.
A final service we offer at AOW that may benefit Apollo Shoes is our SysTrust attestation service. The AICPA and CICA have issued a collection of five Trust Services principles and the corresponding criteria an organization must meet to ensure information system integrity and reliability. This attestation service involves the evaluation of a computer system by a SysTrust licensed CPA to ensure that it meets the criteria of security, availability, processing integrity, online privacy, and confidentiality. Controls over the new system are tested, and a report is issued to management about the reliability of the firm’s information systems. Having implemented a new information system in July, Apollo Shoes may find benefit in receiving assurance that the new system is operating as intended.
Anderson, Olds, and Watershed is committed to meeting the generally accepted auditing standards (GAAS) as defined by the AICPA. These guidelines encompass appropriate technical training and proficiency, field work standards, and reporting requirements. Each auditor in our firm has met minimum educational and experience requirements and is a licensed Certified Professional Accountant. Our auditors pride themselves on maintaining independence in mental attitude and are careful to exercise due professional care. During the field work phase of each audit or attestation service, the work will be appropriately planned and supervised. Each auditor assigned to the engagement will obtain a sufficient understanding of Apollo Shoes’ business and the external environment in which it operates, and ample evidence will be tested to enable AOW to issue an audit report that provides reasonable...