The Audit Report and Internal Control Evaluation Essay

The Audit Report and Internal Control Evaluation - Essay ExampleIt is the responsibility of the management of Apollo Shoes Incorporation to prepargon these financial statements. We are responsible to conduct the audit of financial statements of the company and to express an opinion on the basis of audit findings. In addition to the audit we have also audited managements assessment, included in the accompanying Managements Report on Internal Control Over Financial Reporting, that APOLLO SHOES, INC. maintained trenchant internal stamp down everywhere financial reporting as of December 31, 2007, based on criteria established in Internal Control Integrated example issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO criteria). APOLLO SHOES management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of internal control over financial reporting. ... Our audit of t he financial statements including examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates do by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, evaluating managements assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We retrieve that our audits provide a reasonable basis for our opinions. A companys internal control over financial reporting is a process knowing to provide reasonable toast regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys inte rnal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the legal proceeding and dispositions of the assets of the company (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company and (3) provide reasonable assurance regarding prevention or timely