RedHook - Audit Plan for Redhook Ale Brewery Co. For the...

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Audit Plan for Redhook Ale Brewery Co. For the Period Ending 12/31/2007 Partners Karissa Leblanc Rob Constantino
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I. Initial Plan We will audit the financial statements of the Company at December 31, 2007, and for the year then ending. Upon completion of our audits, we will submit to you a report containing our opinion as to whether the financial statements, taken as a whole, are fairly presented based on generally accepted accounting principles. If during the course of our work it appears for any reason that we will not be in a position to render an unqualified opinion on the financial statements, or that our report will require an explanatory paragraph, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or to issue a report as a result of this engagement. In conjunction with the annual audit, we will perform reviews of the Company’s unaudited quarterly financial statements and related data for each of the first three quarters in the year ending December 31, 2007. These reviews will be conducted in accordance with standards established by the Public Company Accounting Oversight Board (United States), and are substantially less in scope than audits. Additionally, we plan to perform as many phases of our audit work as is practicable, prior to the close of your fiscal year. This is done to keep the work after year-end at a minimum and to ensure that our reports are submitted to you as soon as possible after the close of the fiscal year. Additionally, we will consult with prior year auditors (Moss Adams LLP) and discuss their previous audit approach as well as request for their prior year working papers. We will also ask for any additional information our team should know about that was not within the financial statements published from prior years. Subsequently, we will then decide how to approach the audit in the most efficient way as a first year client.
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II. Outline of Procedures The following preliminary tasks will be conducted prior to the audit: Speak with management regarding timing to determine when the audit needs to be completed by Size of the audit will be determined and an audit team will be assembled based on the needs of the audit. Once timing and staffing has been evaluated we will then provide an estimate in relation to the fees that will be charged. Audit team will meet with the audit committee to discuss any additional needs that may be met during the audit. Identify any preliminary areas in which a specialist’s knowledge may be desirable. Establish materiality amount for the audit and communicate with all members of the audit team. Inquire and investigate internal controls
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RedHook - Audit Plan for Redhook Ale Brewery Co. For the...

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