PLAN_Seth_Vecchione

.xlsx

School

Seattle Pacific University *

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Course

3328

Subject

Accounting

Date

May 14, 2024

Type

xlsx

Pages

Uploaded by ChancellorComputerSparrow33 on coursehero.com

Apollo Planning Audit Mini Case Instructions: When you are finished with the items on the workpaper enter your initials in the box in the top right marked "Prepared By" This entire completed workbook should be renamed as PLAN_Firstname_Lastname and uploaded. In this mini-case you will perform some procedures required as part of audit planning. For ease your audit manager has already workpapers and completed several of the required workpapers. Read and respond to the email from your manager, then read the steps in the audit program found on Work Paper A-0 and fami the other planning section work papers. Complete all the steps on the audit program instructed by your manager.

Date: 21 OCT 2020 00:42:35 +0000 From: "Darlene Wardlaw" <DW@aow.cpa> Subject: Upcoming Apollo Shoes Engagement Well, first let me congratulate you on your recent promotion. Although we have not worked on an e before, I have heard many good things about you. I look forward to working with you on the new A engagement. Things have already gotten started so you’ll see that I’ve done quite a bit of the work b your help. I have the client acceptance form on my desk but I haven't put it in the binder yet. I understand that this is your first engagement to work as an in-charge. Arnold Anderson will be the partner; he is pretty sharp so you’ll have to stay on your toes. As engagement manager, I’ll try to he can. Understand, however, that I am managing four other busy season engagements, so my interacti will be limited. Taylor Crump is the staff associate assigned to the audit. For now, I want you to fam with Apollo Shoes. I asked Taylor to complete a materiality memo, but it may be useful for you to do to get familiar with Apollo. I have a few questions for you to answer, it may seem basic but I find it your feet underneath you. I have included all necessary documents in the binder. Read over the 2019 10-K then please answer the following questions: 1) List three relevant facts about Apollo Shoes that you think might have an impact on the financial 2) Define what is meant by a significant account or disclosure. 3) Identify at least two significant accounts or disclosures from the financial statements of Apollo Sh each item significant? 4) Define what is meant by a relevant assertion. 5) Identify at least one relevant assertion for each of the significant accounts or disclosures previous the financial statements of Apollo Shoes. What makes each assertion relevant? You can write up your thoughts and answers in an email, then send it to me (response form be I have addressed a good portion of things on the planning program , I've highlighted in yellow anyt address . Finally, since most of our interaction will be by e-mail, please forgive me if I give you too much det haven’t worked together before, I’d rather give you too much than too little until we get used to wor DW Date: 30 OCT 2020 14:42:35 +0000 To: "Darlene Wardlaw" <DW@aow.cpa> Subject: Apollo Shoes Familiarity Darlene,

Darlene, I have read over the Apollo PY 10-K and below are the responses to the questions you suggested: 1) List three relevant facts about Apollo Shoes that you think might have an impact on the financial - Apollo Shoes is in an industry that is highly competitive. This could mean that if they do not create their earnings then that could increase the risk of fraud. - Apollo Shoes inventory plays a crucial impact because they have a good amount of inventory. The have measures in place in order to keep up with the count of inventory in order to protect it from the - Apollo Shoes is a company that operates on a multinational level. Meaning that they have to abide the different standards and regulations of different countries. 2) Define what is meant by a significant account or disclosure. A significant account or disclosure is defined by if that account or disclosure has a material effect on statements if there is a mistake on the account or disclosure. 3) Identify at least two significant accounts or disclosures from the financial statements of Apollo Sh each item significant? - Inventory is a significant account because it is one of the companies assets that pertains to a high ri influences how much product could be sold or not sold based on the results of the inventory. - The Notes of the financial statements contain the important information of the Apollo Shoes accou several other matters that can be considered significant that must be paid attention to. 4) Define what is meant by a relevant assertion. Relevant assertation is a representation or statement made by the management of a company regardi element of the financial statements. 5) Identify at least one relevant assertion for each of the significant accounts or disclosures previous the financial statements of Apollo Shoes. What makes each assertion relevant? One relevant assertation for Inventory would be Existence because you need to confirm that the asse For Notes of financial statements would be presentation and disclosure becuse of the relevant inform contain the statements need to be presented fairly and have all required disclosures made within it.

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