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Audit Program Design Essay

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Below is an essay on "Audit Program Design" from Anti Essays, your source for research papers, essays, and term paper examples.

AUDIT PROGRAM DESIGN
ACC/546

       
Anderson, Olds, Watershed, CPAs
111 Rock St
Denver, CO 80465

Larry Lancaster
Apollo Shoes, Inc
100 Shoe Plaza
Shoetown, ME 00001

Mr. Lancaster
The audit of financial statements will assess the internal controls in use by the organization and mandated by the Sarbanes-Oxley Act (SOX) of 2002. The purpose of SOX is to incorporate corporate responsibility relating to issues of financial reporting. Section 404 focuses on the internal controls that have been implemented by the company as the internal controls are designed to protect the organizations assets from loss. The internal controls also help the organization to streamline processes so that organizational goals can be achieved with the best rate of return when using available assets. This letter serves to provide Mr. Lancaster with an overview of section 404 and other regulations that relate to the audit of internal controls as well as a synopsis of internal control risks that have and will be identified within Apollo Shoes Inc. This letter will also describe the responsibilities of our firm in regards to detecting and reporting fraud.
In the SOX act, Section 404 suggests all publically traded organizations need to establish internal controls for financial reporting. The internal controls need to be documented, maintained, and tested to ensure they are effective. In order to comply with section 404, Apollo Shoes must submit an annual report detailing the following key elements:
• A statement of responsibility that is issued by Apollo’s Chief Executive Officer and Chief Financial Officer and covers how the organization establishes and maintains the internal control procedures for financial reporting.
• A statement that identifies the evaluation framework that management uses to measure the effectiveness of financial reporting internal controls
• Apollo’s management will also assess how effective the organizations financial reporting internal...

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Audit Program Design. Anti Essays. Retrieved December 14, 2018, from the World Wide Web: http://teachingsail.com/free-essays/Audit-Program-Design-583485.html


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