The Audit Report and Internal Control Evaluation Essay Example for Free

The Audit Report and Internal Control Evaluation Essay Team D Auditing has been evaluating the evidence presented by Apollo Shoes. The audit team has developed an audit report in response to the audit and has also provided a description of the evidence, a description of the account sampling and testing procedures used, and has also given a brief description of the value of an audit report. This report is only to reflect Team D’s opinion regarding Apollo’s internal controls, financial statements, and management’s assessment. Management Responsibilities We have audited the financial statements of Apollo Shoes Inc. , including the balance sheet, income statement, and statement of cash flows. The company’s management is responsible for preparing these financial statements; in addition, the management is responsible for implementing adequate internal controls to ensure the accuracy and completeness of these statements (Arens, Elder, Beasley, 2012). Our responsibility as an auditor is to conduct an audit in accordance with the Generally Accepted Auditing Standards and express an opinion on these statements based on the audit. Audit Scope The audit conducted by Team D Auditing was executed in accordance with standards set by Generally Accepted Accounting Principles (GAAP) and the Public Company Accounting Oversight Board (PCAOB) (Arens et al., 2012). The standards set by these two bodies require the team to arrange and complete an inspection of the evidence to obtain reasonable assurance of whether the company’s financial statements are without material misstatements. Also, the team is to evaluate the internal controls and determine if they provide adequate control over the financial reporting for the material components. The audit includes the examination of the following: Financial Statement Disclosures Evidence that supports reported amounts Internal Controls: Implementation and Current Use Financial Statement Presentation Management-made Estimates Accounting Principle Assessments Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of Apollo Shoes, Inc. Apollo Shoes Audit was conducted under the Public Accounting Oversight Board Standards. Under these standards is required to provide assurance about the financial reporting and the internal control place in operation. In order to achieve assurance the financial statements are evaluated based on an examination of evidence providing basis for our opinion. Our examination included: Significant estimates made by management – evaluate the reasonable of the significant assumptions (Becker CPA Review, 2014). Financial statement presentation evaluate the presentation and format of financial information (Arens et al., 2012). Accounting principle evaluation, corrections of errors involving principle or changing principal not acceptable to an acceptable one† (Arens et al., 2012). Adequate disclosures of significant accounting policies, accounting changes or loss contingency (Becker CPA Review, 2014). Since Apollo Shoes was a public traded company is imperative to test the effectiveness of the internal control, which is based on: Preventive controls that are placed in operation indicating that transactions were valid, recognized, and submitted for processing following the internal control objectives (Becker CPA Review, 2014). Detective controls provide assurance that the errors and regularities are discovered and corrected in the normal course of business (Becker CPA Review, 2014). Our evidence examination should provide assurance that the financial statements are correct in order for us to sustain our opinion. However, it is impossible due to inherent limitations that the internal controls may not prevent or detect material misstatements. As discussed in note 5, based on our finding the sales and account receivables were overstated by $5,765,081.82 and the related cost of goods sold by $3,165, 145.10 (Louwers, 2007). We determined that this sale is not in accordance with general accepted accounting procedures. Based on the evidence and procedures performed as mentioned in the previous paragraph, Team D opinion on Apollo Shoes financial statement for the period ending on December 31, 2007 do not present fairly on all material respect the financial position of the company. However, we are confirming the efficiency and effectiveness of the internal control, based on COSO framework. It is important to mention that Apollo Shoes has a litigation suit in the preliminary stage for $12,000,000, which intend to defend them self. It is reasonable that the loss could reach $10,000,000 after legal fees (Louwers, 2007). No adjustments have been made to the financial statements. Since Apollo has lost his major customer, this has raised a substantial doubt about the ability that Apollo Shoes Inc. can continue as a going concern. The financial statements do not include any adjustment that contemplates this uncertainty. Description of Evidence The evidence used for the audit included several items presented by Apollo Shoes. The team was presented with the SEC 10-K filing from 2006, as well as the minutes from the audit committee meeting. The team also reviewed the company Letter to the Shareholders. The SEC filing provided us with historical financial statements and a wealth of other information about the company, including quarterly unaudited operation results. The team also reviewed the company accounting and control procedures manual to evaluate the controls over the accounting functions of the company, such as accounts receivables and cash management. Team D Auditing also performed an inventory observation, reviewed the sales forecast for the upcoming year, and reviewed the Board Meeting minutes from the meeting June 30, 2007. The team was also able to examine the 2006 audited and the 2007 unaudited trial balances, the work papers for the new computer system and the work papers for the internal control systems. The team was able to perform a thorough audit for Apollo Shoes based upon the evidence presented. Account Sampling The goal of an audit is to ensure the financial statements are fairly presented in accordance to the Generally Accepted Auditing Standards, and to obtain reasonable assurance that the statements are free from material errors. It is impossible and costly to test every transaction; therefore, we will be selecting samples for testing and make inference about the overall effectiveness of these statements. We will use the simple random sampling method to select these samples because this method ensures every item has an equal chance of being included (Arens et al., 2012). In addition, depend on the account we are testing different number of items may be included in each sample. Testing Procedures The auditor used industry data and compared it to Apollo Shoes financial information to comprehend the business and its results to determine if the company financial well-being. The auditor also compared the â€Å"client data with similar prior period data† (Arens et al., 2012, p. 227). This included the following: Comparing the current year with the previous year’s audited balance Examine current and previous year’s trial balance to decipher changes. Compared detail of total balances with previous year’s total balance â€Å"Compare details such as monthly totals of current year and preceding year for sales, repairs, loans payable, and other accounts† noticing significant changes (Arens et al., 2012, p. 227). Compared current ratios and percentages of current and previous years Compare current and previous common-size financial statements with vertical and horizontal analysis; Compare ratios analysis â€Å"solvency, efficiency, and profitability ratios† (Boynton, 2006, p. 325). Compared client prepared information with auditor’s expectations Auditor develops an estimation or expectation of results and account balances and compares it to client’s expectations, results, and account balances examining difference. Examine lead schedules prepared by the client. Audit Report Value The value of an audit report is quite simple. It is the written representation of the auditor’s opinion and acts of an almost guarantee for company investors, creditors, and clients. The audit report lists the auditor and director responsibility, gives the scope of the audit, and reports the auditor’s opinion. It lets the users of the financial statements know that they can be reasonably assured statements are without material misstatement and can use the contained information to make their decisions. Of course, the opinion given is not completely guaranteed. Conclusion Team D Auditing carefully considered the given evidence and performed tests of the internal controls and has come to the conclusion that we are unable to provide reasonable assurance that the financial statements are without material misstatement. We are also concerned with the future of Apollo Shoes with the loss of its biggest client and the pending lawsuit. The audit report, including some additional information regarding the evidence, sampling, and testing procedures have been submitted for review. References Arens, A. A., Elder, R. J., Beasley, M. S. (2012). Auditing and assurance services: An integrated approach (14th ed.). New York, NY: Pearson/Prentice Hall Becker Professional Education/CPA Review (2014) Audit Reports; Devry/Becker Educational Development Corp Boynton, W. C. (2006). Modern Auditing (8th ed.). Danvers, MA: John Wiley Sons, Inc. Louwers, T. R. (2007). Apollo Shoes, InC. Auditing and Assurance Services. McGraw-Hill Companies, Inc.

An Educators Privacy and Social Networks Essay -- Education, Technolog

This document â€Å"An Educators Privacy and Social Networks† will discuss educator’s privacy, due to the incidents that have been happening in today’s society. With technology taking over the world, writing letters and making phone calls have been replaced with social networks. These sites allow a person to socialize quickly with one another by posting comments about anything that is on his or her mind. However, with this comes the thought of what should and should not be commented. Does society believe that teachers’ First Amendment rights regarding Freedom of Speech protect them in every situation? Many school districts and teachers are now moving into the 21st century by using more technology and social networking to teach and communicate. The positive aspects of using social networking allow educators and students to broaden their knowledge in social learning. On the other hand, the negative aspect is that there is a larger gray area regarding the clarification of professional conduct. The fact is that technology is growing quickly, and districts need to find a way to maintain awareness of the new technical information. However, with all the positives aspects also come negatives with social networking. The case study chosen is a true story that happened in the state of Connecticut. The article â€Å"Courtside†, by Perry Zirkel on the PSEA website, explains the case regarding Jeffery Spanierman versus Connecticut Technical High School. Mr. Spanierman is a second year teacher and had created a Myspace page. Myspace allows users to create their own profile page about his or herself, and includes photographs (Zirkel, 2009). This website page was created by Spanierman so that he could communicate with his students about their homewo... ...ucators and students using it understand how it should be used (Klein, 2008). As educators, we need to come to the understanding that technology has grown and is effective. Instead of trying to teach around technology, educators should learn how to use it correctly and in a meaningful way. Being a second year teacher, I had the opportunity to take classes on different ways technology can be used in the classroom. This allowed me to understand that technology helps students bring out their ideas differently and in a useful manor. I do think that Spanierman was really trying to be a part of his students’ lives. We forget that as teachers we’re not just there to teach, but to understand and help our students grow. It seemed like Spanierman was trying to be there for his students. However, the way he presented himself online was unacceptable to any professional.

Education Essay Essay

Education? is? not? only? conditioning,? but? conditioning? for? the? future? and? conditioning? for? the? mind.? Somewhere? along? the? way? the? strive? to? learn? has? been? lost? on? education.? Its? hard? to? determine? where? this? all? went? wrong.? Like? many? in? the? past,? those? who? have? the? drive? to? learn,? earn? an? education.? Drive? and? determination? can? not? be? taught? in? a? classroom.? Some? of? the? most? important? subjects? that? should? be? taught? in? class,? are? not.? The? purpose? of? education? is? to? condition? youth? for? the? challenges? they? face? in? the? future.? Students?  are? trained? not? educated.? I? have? never? had? to? overcome? a? language? barrier.? I? have? never? had? to? overcome? a? racial? barrier? either.? As? long? as? I? can? remember? learning? has? been? a? part? of? my? life.? Not? just? learning,? but? education.? The? struggles? Richard? Rodriguez? and? Fredrick? Douglass? went? through? do? not? apply? to? me.? Rodriguez? and? Douglass? were? both? lucky? enough? to? discover? education,? where? as? education? found? me.? Fredrick? Douglass? once? said,? â€Å"Without? struggle? there? is? no? progress. †? This? quote? really? sums? up? Douglass? and? his? message.? Douglass? went? through? his? fair? share? of? struggles? and? became? a? better? man? because? of? it.? If? what? I? face? now? in? my? life? is? a? struggle,? how? much? can? I? really? progress At? least? I’ll? always? have? education? to? take? advantage? of.? All? Americans? are? given? the? right? of? an? education.? Depending? on? the? person,? this? right? can? either? be? used? or? ignored.? A? large? part? in? why? so? many? immigrants? travel? to? the? US,? is? because? it? offers? free? public? education.? Because? of? taxes? no? child? has? to? pay? to? learn.? There? are? also? no? restrictions? on? who?  has? the? right? to? an? education? in? the? United? States.? Yet? education? is? not? appreciated? by? most? like? it? should.? Learning? is? a? power.? Not? a? power? that? all? people? have? but? the? ones? that? do? have? it? need? to? use? it,? completely? use? it.? Fredrick? Douglass? realized? how? powerful? the? ability? to? learn? could? be.? So? did? Maya? Angelou.? Neither? of? them? would? have? lived? the? lifes? they? did? without? the? power? of? learning.? To? make? mistakes? and? learn? from? them? so? they? don’t? recur.? Read.? Comprehend.? Write.? Read.? Comprehend.? Write.? And? repeat.? I? create?  sentences? so? I? can? reap? the? benefits.? Until? a? student? becomes? proficient? in? reading,? comprehending,? and? writing? that? student? won’t? be? successful? in? the? educational? system.? The? goal? isn’t? to? learn.? Education? used? to? be? about? learning.? Different? people? learn? in? different? ways.? Education? is? interesting? to? some? but? boring? to? others.? For? one? to? be? educated,? they? first? have? to? learn.? The? ability? to? learn? is? not? a? strength? all? people? are? born? with.? It? is? an? important? skill? most? people? develop? throughout? their? life.? Frederick? Douglass? was?  not? taught? as? a? child.? Douglass? did? not? go? to? school,? but? the? fact? that? he? is? educated? can? not? be? argued.? Based? off? that? fact? alone,? it? is? proven? that? one? does? not? need? to? be? schooled? to? be? educated.? Douglass? was? determined? to? learn.? He? was? steadfast? in? educating? himself? to? have? a? brighter? future.? Being? a? slave? in? the? 19th? century,? a? bright? future? does? not? exist.? Through? his? determination,? Douglass? shows? how? the? importance? of? an? education? is. Education? does? not? always? occur? in? the? classroom.? It? can? be? found? almost? anywhere.? Frederick? Douglass? mentions? in? his? narrative? Learning? to? Read? that? the? little? boys? who? taught? him? how? to? read? will? be? free? at? twenty? one? years? old? men,? whereas? Douglass? just? wishes? to? be? free? more? than? anything.? Learning? does? not? only? occur? in? the? classroom.? It? happens? in? many? everyday? experiences.? Sometimes? the? only? way? to? learn? something? is? to? do? it? personally.? Maya? Angelou? once? said:? â€Å"Words? mean? more? than? what? is? set? on? paper.? It? takes? the? human? voice? to? infuse? them? with? a? deeper? meaning. †? Just? because? a? student? reads? from? a? book? does? not? guarentee? they? will? receive? the? full? effect? of? the? writing.? Words? need? to? be? said,? plays? need? to? be? acted,? speeches? need? to? be? read.? Most? american? scholars? today? dredd? the? idea? of? reading.? High? schoolers? all? across? the? country? will? try? to? find? anyway? to? get? around? actually? having? to? read.? For? education? to? be? successful? in? teaching? a? student? a? lesson,? the? attitude? of? the? student? must? be? appropriate.? Students? who? don’t? want? to? learn? won’t,? it’s? really? that? simple.? Students? need? to? be? taught? how? to? learn.?   

Public Shaming In The Scarlet Letter - 1630 Words

Novelist, Nathaniel Hawthorne, in his fictional novel, â€Å"The Scarlet Letter†, expresses a story about a young woman, Hester Prynne, back in the 1600s who was convicted of adultery and must now wear a big â€Å"A† on her chest to show those in the small Massachusetts Bay colony the sin she has committed. Hawthorne’s purpose is to illustrate the hardships Hester must go through for committing such act in the small colony where religion was put first. Hawthorne adopts a serious and pitiful tone throughout the novel to get the adult readers to sympathize with the main character, Hester Prynne. Though this book was written back in the 1800s and is based off a woman who’s shamed for adultery, this book can still relate to today’s world with some of†¦show more content†¦The article informs their audience with what was done as punishment for those who committed a sinful crime that offended their religion. The actual story starts out with Hester Prynne, along with other women standing in the town square for everyone to see and be told the sinful crimes one has committed, The age had not so much refinement, that any sense of impropriety restrained the wearers of petticoat and farthingale from stepping forth into public ways, and wedging their not unsubstantial persons, if occasion were, into the throng nearest to the scaffold at an execution... The woman who were now standing about the prison-door stood within less than half a century of the period when the manlike Elizabeth had been not together unsuitable representative of the sex. (Hawthorne 48). In the scene Hawthorne describes how these women standing there today did something morally wrong for the sex they are and since woman in those days had a certain role in the household whereas today in 2017 woman have more freedom to do whatever they please, still woman are shamed for the same reason they did back in the 1600s. In an article about public shaming, it tells how no w with social media shaming woman and well anyone is much easier to do as many people have it and not only can one small community see it but everyone all over the world can, Women are often shamed forShow MoreRelatedTheme Of Public Shaming In The Scarlet Letter955 Words   |  4 PagesThe Scarlet Letter happened in the 17th century in New England when punishment was very different and public shaming was conventional. In â€Å"Scarlet Letter†, the period of public shaming was an event that led up to colonial AmericaÅ› identity and it introduces the theme of punishment, if people break regulations there will be a penalty. In â€Å"The Crucible†, the theme that relates to colonial AmericaÅ› identity is making the decision of protecting their reputation or their integrity. In The Scarlet LetterRead MoreThe Problem With Public Shaming931 Words   |  4 PagesMost people believe that public humiliation is cruel and unusual punishment, yet it seems to be the only thing working. Doxxing is when you take someones personal info -info such as social security numbers or address- and post it for the world to see. Some people still see doxxing as ineffective and just flat out wrong as discussed Cole Stryker in â€Å"The Problem with Public Shaming† written in The Nation, Stryker notions that public shaming doesnt work and that people need to talk about its effectsRead MoreThe Scarlet Letter, By Nathaniel Hawthorne1510 Words   |  7 PagesAlthough Hawthorne goes back two hundred years to create a romantic setting for his famous novel The Scarlet Letter, he also envisions a hopeful future for women in which â€Å"sacred love should make [them] happy† (166). However, our present setting tells us a different story. We are presented with the problem of â€Å"slut shaming†: a subtle, yet deadly transfiguration of a woman’s passion and â€Å"sacred love† into moral frailty and opprobrium. As a male, I do not have the same authority to speak on this topicRead MoreMany Symbols in the Scarlett Letter879 Words   |  3 Pagesyou have to ask what it symbolizes, it didnt.† There are many â€Å"symbols† in The Scarlet Letter. The most known one was the letter itself. The meaning of the letter appears clear at first but as the book progresses you see the letter’s meaning shift with Hester’s character. The magistrates intended the letter to represent the sin of adultery. And while of course, people did shun her at the very beginning, the â€Å"shaming† technique could not weather the test of time. The â€Å"A† soon began to lose its shamefulRead MoreSpeech On Public Shaming1008 Words   |  5 PagesPublic shaming is a punishment that does not necessarily require bodily harm or financial consequences, but causes enough damage to discourage criminals/sinners from wronging again. Dating back to biblical times, like when Jesus was forced to drag his own cross, public shaming creates emotional scars that do not heal easily. Shaming is still used today, whether it is on actual criminals or people who make mistakes on social media, and it is still just as effective. Public shame has serious effectsRead MoreHawthorne In Hawthornes The Shame Of Public Shaming759 Words   |  4 Pagesfrom hiding his face in shame. After reading the novel, The Scarlet Letter I can see that there is very thorough evidence for agreeing with Hawthorne. Therefore, it is definite that there is no crime worse than being forced to confront your shame in public. Individuals should have the right to face their wrongs alone and should not be forced to confront them publicly. The article â€Å"The Shame of Public Shaming† clarifies that public shaming has been used as punishment in almost all societies but overRead MoreDo Shame Punishments Have A Positive Effect?1355 Words   |  6 Pagesidea for hundreds of years, as shown in Hawthorne’s novel The Scarlet Letter. As of recent studies, psychologists try to decide whether the punishment’s benefits outweigh its drawbacks, authoritative figures must ask themselves, â€Å"do shame punishments have a positive effect?† Numerous enforcers debate whether or not to use public shame as an alternate punishment to save tax payer’s money, and create extra space in jails. Public shaming can range from wearing a sign addressing your crime to writingRead MoreThe Scarlet Letter, By Nathaniel Hawthorne1593 Words   |  7 PagesEinstein), but the society during the 1640’s prevents the people of New England to develop in a way that benefits their well being. In the novel The Scarlet Letter by Nathaniel Hawthorne, readers notice how the characters, Hester Prynne, Pearl Prynne, Roger Chillingworth, and Arthur Dimmesdale act throughout the story. When reading The Scarlet Letter, the way society runs in New England, during the 1640s, changes the way the main characters act, some in a positive ways that end up helping the characterRead MorePublic Shame Essay1167 Words   |  5 Pages(vocabulary.com). Public humiliation, or public shame, has impacted the lives of many people around the world in that n ovels and movies have been based around this harsh topic. The influence of public shame is harmful, because it can cause terrible consequences, but on the other hand, there are benefits. For instance, public humiliation can help people to learn from their mistakes, and it can teach valuable lessons to the people who have done something wrong. In the Scarlet Letter, written by NathanielRead MoreCrime And Effective Punishment Essay1332 Words   |  6 Pagesof the comments of their peers. Despite the large public spotlight that can be instantly brought glaringly down upon these actors, they still commit crimes and say things they shouldn’t, for even they cannot defeat the ineffable dark aspects of human nature. For media mongers, the worst punishment is not a stint in jail or wergild to pay, but rather it is being embarrassed in front of their peers. So although, many people believe public shaming to be a cruel and unusual punishment, it is actually