Apollo Shoes Audit Client:

Background: You work for Anderson, Olds, and Watershed are asked to assume the role of a veteran of two$-$to$-$three $$busy$$ seasons, $$in$-$charging$$ for the first time. Apollo Shoes is a $$new$$ client to our firm, therefore, there are no prior year workpapers to review in preparation for the audit.

Communication between you and client personnel and other firm members takes the form of e$-$mail messages from the engagement partner $($Arnold Anderson$),$ the engagement manager $($Darlene Wardlaw$),$ a team member $($Taylor Crumpler$)$ and the director of Apollo$$s internal audit department $($Karina Ramirez$).$

During the planning phase, the audit team will review the manager$$s email, minutes of BOD and $10-$K$,$ Letter to shareholders, organization chart, and a memo about new IT systems. It is important during this phase to identify items of audit significance during the review of these documents.

Additional information: Larry Lancaster was newly hired by Apollo.

$2-1$ Required Action. Complete an in$-$depth review of the minutes of the board of directors and committee meetings for the year. Obtain copies of the minutes or agreements for the current or permanent workpaper files $($see $1-1$ Seminar attachments$).$ Highlight matters relevant to the related audit area or for which disclosure will be required in the financial statement or notes $($see instructions below$).$

Instructions: Identify three relevant items from each one of the BOD minutes $(1/6/20,6/30/20,1/6/21)$ and two relevant items from the Audit Committee $10/17/2020$ minutes. Post a list of your items from each meeting in the discussion thread $2-1$ Seminar $($Class Meeting$).$