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Apollo Shoes Audit Report

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Apollo Shoes Audit Report
Anderson, Olds and Watershed
Certified Public Accountants
123 Main Street
Upper Saddle River, NJ 00712

INDEPENDENT AUDITOR’S REPORT
To the Stockholders
Apollo Shoes, Inc.

We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2008, and the related statements of income, comprehensive income, shareholders’ equity, and cash flows for the year ended, and related notes to the financial statements. We have also audited management’s assessment, included in the accompanying Management’s Report on Internal Control Over Financial Reporting, that Apollo Shoes, Inc. maintained effective internal control over financial reporting as of December 31, 2006, based on criteria established in …show more content…

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate (Louwers & Reynolds, 2007). We believe that the audit evidence obtained is sufficient and appropriate to provide a reasonable basis for our opinions.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Apollo Shoes, Inc. as of December 31, 2008 and the results of its operations and cash in conformity with U.S. generally accepted accounting principles. The financial statements and related foot notes to said statements may be used for investors and management to make informed decisions on the health of the company. Also in our opinion, management’s assessment that Apollo Shoes, Inc. maintained effective internal control over financial reporting as of

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