Background Information In this project you are to assume that you are the audit
ID: 2335665 • Letter: B
Question
Background Information
In this project you are to assume that you are the audit partner on the audit engagement of Earthwear Clothiers, Inc. (Earthwear). Earthwear is a U.S. publicly traded company and is subject to the rules and regulations of the Public Company Accounting Oversight Board (United States). It is classified as an “accelerated filer” under the rules of the Securities and Exchange Commission (SEC).
Your firm has been engaged to perform an audit of the financial statements of Earthwear's calendar year ended December 31, 2017. Your audit will include:
-Issuance of an Engagement Letter
-Timely quarterly reviews
-An audit of Earthwear’s internal control over financial reporting
-An audit of Earthwear’s Financial Statements for the year then ended
-Issuance of a Management Letter concerning findings and recommendations
Earthwear has an audit committee of the board of directors charged with oversight of financial reporting and disclosure. While you are conducting your audit of Earthwear, you and your audit team are expected to meet with the audit committee on several occasions.
Required:
Prepare a calendar of your proposed meetings with the audit committee. For each meeting you should identify the information (matters) that you should communicate to the audit committee.
Example format:
April – Meeting with audit committee regarding XXXXX.
Information to be communicated:
XXXXX
XXXXX
XXXXX
Explanation / Answer
April - Meeting with audit committee regarding Audit of Financial Statements for Earthwear's Calendar year ended December 31, 2017.
Information to be communicated :
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