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Date: Fri, 29 FEB 2008 06:14:29 +0000 From: "Darlene Wardlaw" <[email protected]> Subject: Drafting the audit report One last thing to do and then we can wash our hands of the whole thing. You need to draft an audit report to go with the financial statements you drafted (put it in the A-series workpapers). 1. You should date the report as of the end of fieldwork next week (March 7, 2008). 2. Remember that we didn’t audit Apollo last year, so we will probably need to refer to the “other auditors” who audited the previous year’s financial statements. 3. Adjust the report to reflect the fact that Apollo didn’t adjust its accounts receivable/allowance/sales for the Mall- Warts problems. 4. What do you think about a going-concern disclosure? We will probably need a memo in the workpapers (A-series) addressing this issue and discussing the reasons why we should or shouldn’t give them a going concern paragraph. 5. Any subsequent events that need disclosure?

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Date: Fri, 29 FEB 2008 06:14:29 +0000 From: "Darlene Wardlaw" <[email protected]> Subject: Drafting the audit report

One last thing to do and then we can wash our hands of the whole thing. You need to draft an audit report to go with the financial statements you drafted (put it in the A-series workpapers).

1. You should date the report as of the end of fieldwork next week (March 7, 2008).2. Remember that we didn’t audit Apollo last year, so we will probably need to refer to the

“other auditors” who audited the previous year’s financial statements.3. Adjust the report to reflect the fact that Apollo didn’t adjust its accounts

receivable/allowance/sales for the Mall-Warts problems.4. What do you think about a going-concern disclosure? We will probably need a memo in

the workpapers (A-series) addressing this issue and discussing the reasons why we should or shouldn’t give them a going concern paragraph.

5. Any subsequent events that need disclosure?