PLAN_Seth_Vecchione
.xlsx
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School
Seattle Pacific University *
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Course
3328
Subject
Accounting
Date
May 14, 2024
Type
xlsx
Pages
8
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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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Recommended textbooks for you
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