subject materiality for apollo shoes engagement 271791
Date: Wed, 9 JAN 2008 12:15:49 +0000
From: “Darlene Wardlaw”
Subject: Materiality for Apollo Shoes Engagement
You need to prepare a memo (GA 5) addressing materiality for Apollo Shoes. Remember that the workpapers document that we are following Generally Accepted Auditing Standards. In the memo,
- Briefly describe independent auditors’ concept of materiality.
- Describe some common relationships and other considerations used by auditors when assessing the dollar amount considered material. In other words, what are some common measures of materiality with respect to income, sales, and total assets?
- Based upon your professional judgment and your discussion of items 1 and 2 above, determine an amount you consider to be a minimum material misstatement for Apollo Shoes and justify your recommendation in your memo.
DW
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Date: Wed, 9 JAN 2008 12:15:49 +0000 ?From: “Darlene Wardlaw”
?Subject: Materiality for Apollo Shoes Engagement? You need to prepare a memo (GA 5) addressing materiality for Apollo Shoes. Remember that the workpapers document that we are following Generally Accepted Auditing Standards. In the memo, Briefly describe independent auditors’ concept of materiality. Describe some common relationships and other considerations used by auditors when assessing the dollar amount considered material. In other words, what are some common measures of materiality with respect to income, sales, and total assets? Based upon your professional judgment and your discussion of items 1 and 2 above, determine an amount you consider to be a minimum material misstatement for Apollo Shoes and justify your recommendation in your memo. DW
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