Objective: Identify risks in planning the audit by examining client source documents: 10-K, Board Minutes, Letter to Shareholders, Organizational Chart, and IT Systems.
Apollo Shoes, Inc is a global distributor specializing in technologically superior athletic podiatric products. Apollo is a new client to the firm. Our objective at this phase in planning the audit is to become familiar with the client and identify risks associated with the audit, so we can plan the audit accordingly. Information obtained and documented in the planning phase should help guide risk assessments for the current year audit. Recommended audit actions should be provided with findings and observations.
Directions:
Review the following client source documents:
Access the following workpaper spreadsheet with audit program and workpapers: Apollo_Planning_Part_1_Audit_Mini_Case.xls