Internal control weakness apollo case

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Operations supervisors supervise hourly workers who move products from receiving, inventory, and shipping to serve customer demand. In other words, what are some common measures of materiality with respect to income, sales, and total assets?

Anderson partner on the audit : I assume you also want us to review the K filing material? Directors and Executive Officers of the Registrant xix Item Any such statements are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those discussed in such forward-looking statements.

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The transfers of transactions from the Accounts Receivable and Accounts Payable modules to the General Ledger module also are done in batch mode. Business i Item 2. No one presently owns more than 4 percent of the outstanding common stock. The problem The two previous directors are no longer associated with Apollo Shoes. A printer bank is located in the accounting department. Inform you of any new internal control requirements in reference to going This has been a productive meeting of the minds. Litigation On September 15, , the Company agreed to settlement of a suit brought against the Company by a competitor for patent infringement for the Company's use of the Siren. Sales credits are coded to three product line sales revenue accounts. Swigert, Jr. Under no circumstances may blank checks be signed by the treasurer. To ensure these controls are effective and performing properly a company must evaluate these controls.

Enclosed are the item that your company has requested of us, while there are some improvements to be made, your staff has done a fantastic job in assisting us with our audit. No matter was submitted during to a vote of security holders, through the solicitation of proxies or otherwise.

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Consequently, our audit is not designed to detect errors or fraud that is immaterial to the financial statements. This workpaper is necessary to document that we are following SAS 99 fraud guidance. We appreciate the opportunity to continue to work with Apollo Shoes and ensure you that this engagement will be given our closest attention. A requirement is important to know that all publicly traded U. The sales growth was primarily due to new products introduced during the fiscal year. Income taxes Deferred income taxes are provided for the tax effects of timing differences in reporting the results of operations for financial statements and income tax purposes, and relate principally to valuation reserves for accounts receivable and inventory, accelerated depreciation and unearned compensation. Finally, in some instances, you may decide that it is advantageous to you to have them applied immediately. The operations manager also is the person who works with vendor hardware service and maintenance personnel. Unum VP finance : Well, wed rather you didnt. For example, can correspondence, memos, and auditing working papers be prepared and maintained on the computer? In an actual audit, you would be able to inquire, observe, and otherwise follow-up on any questions that you have until you feel comfortable relying on the evidence. We will provide useful recommendation so that LJB Company will be fully prepared to go public I suggest you consider such things as the extent of computer usage, complexity of computer operations, organization structure of computer activities, availability of data, computer-assisted audit techniques, and need for specialized skills.

The financial accounting system allows online entry with online data validation and online posting. Under no circumstances may blank checks be signed by the treasurer. It is so important to the committee so they can check if the To prevent errors from entering the financial records, the transactions are not immediately posted to the various subsidiary ledgers maintained in the database.

The project manager is primarily responsible for all modifications to the financial accounting system and other systems development projects. Research the facts of the failure and report on the facts and the losses suffered.

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5e Apollo Shoes Case