Audit Report and Internal Control

Running Head: The Audit Report and Internal Control

The Audit Report and Internal Control

University of Phoenix

ACC/546

The documentation which was used for the purpose of doing the audit of the organization Apollo Inc was sufficient enough to support the opinion of the auditors of the organization. The organization presented the financial statements on the basis of the generally accepted accounting principles (McTavish, n.d.). It is believed by the auditors that the organization Apollo Shoes Inc has followed the Generally Accepted Accounting Principles in a proper and appropriate manner and also in a consistent way. Due to this particular reason the auditors provide an unqualified report in relation to the organization. The information provided in the audit report about the organization’s financial position is unbiased and the organization can use the same for getting better results in the future.

Sincerely,

Anderson, Old, and Watershed, CPA’s, LLC

______________________________

Arnold Anderson, CPA

Independent Auditor’s Report

To the Stockholders of Apollo Shoes, Inc

We have audited the balance sheet, income statement, cash flow statement and the statement of retained earnings of the organization Apollo Shoes Inc for the year ending on 31st December, 2007. The management of the organization is responsible for the financial statements and we are responsible for expressing opinion on the same.

The audit has been conducted by us on the basis of the Generally Accepted Accounting Principles. In this relation, it is necessary for us to make sure that the financial statements of the organization do not have any kind of material misstatement. In the audit, an examination of the evidences to support the disclosers is done on test basis. In the case of audit, assessment of the use of accounting principles by the management is done by the audit firm. The evaluation of the overall...