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You need to prepare a memo (GA-5) addressing mater...




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,I hope you can finish within 28 hrs. Also, if possible can you send me whatever you've done by tonight..Only if possible..if not just send me the answers in 28 hrs..good luck,Good work..This is what I got from my instructor... Also I always approach it from a couple of different angles I look at Sales, total assets, maybe net income if it is historically stable. I apply a percentage to each number say 5% to sales and maybe 10% to fixed assets, then another % to net income. I then look at the FS balances and assign a level of risk (low, medium, high) to each FS line item. I then review the results of the earlier calculations and then select one or a number in between, what ever feels right to get me started. I then change my mind several times=) I would use bullet points and keep your statements simple. Can you add one paragraph with what % should appollo use if possible.. if not thats fine..It already looks good..I will add some more..Also Do I need to rephrase it? Thanks for the assignment ...U rock and I'll post more questions next week or two..hope U'll help me now that you're familiar with the case


Paper#2999 | Written in 18-Jul-2015

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