[This sample letter is for REFERENCE ONLY. IMC schools should also refer to EDBC No. 17/2008 on “Appointment of Auditors and Audit Engagement Letter” or its update.] Sample Audit Engagement Letter (for REFERENCE ONLY) Our Ref. : Date : The Incorporated Management Committee of (name of IMC School) (“School”) Dear Sirs‚ |AUDIT ENGAGEMENT LETTER | The purpose of this letter is to set out the basis on which we are to act as
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Theresa Golding BA 418 – Auditing Dr. Charles Pineno April 25‚ 2010 PART 1: “Small Firms May Face Audit Music” (published in The Wall Street Journal on April 19‚ 2007) addresses the ending of the delay in applying portions of the Sarbanes-Oxley Act of 2002 to smaller companies. At the time of the article‚ some 6‚000 smaller public companies had yet to be required to “make an annual assessment of their internal financial-reporting controls with further review by the company’s outside auditor of
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Keller has never had any experience in the audit on this industry before. Smackey Dog Foods started in a family kitchen‚ experienced explosive growth‚ and have had some troubles handling the accounting side of the business. The auditor identifies that main purpose of Smackey Dog Food to obtain an audit report is to fulfill the bank requirement of additional loan for $150‚000 on top of the company’s current existing bank loan for $150‚000. Under audit planning‚ the auditor decides whether to accept
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accountability or personal responsibility by the auditors that were responsible to audit and have unbiased reports is one of the ethical issues that could have been solved by the companies themselves. Auditor independence is another activity that could have been handled voluntarily. According to Jennings (2012) the SOX established code of ethics for public accounting firms. Some of the services that accounting companies that audit public companies are prohibited to do are; provide bookkeeping services for
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to keep accurate and precise working papers for an audit‚ it is also important for auditors to keep accurate and precise records of their time spent on the tasks associated with an audit. “When accountants complete work without recording it as chargeable time‚ potential revenue can be lost and erroneous planning and poor personnel decisions can result.” (Lightner‚ et. al.‚ 1983) Hamilton Wong is one of six accountants assigned to the audit of Wille and Lomax‚ Inc.‚ a public company which sells
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the company and it is likely that the independent auditors will detect it. → Users of financial statements need confidence in the numbers they base their decisions on. Misstated account balances may be corrected as the result of the independent audit work. The accounting system from which the financial statements are derived may have a poorly designed system of internal control. Multiple Choice TB 01-01 Which of the following best describes the main rea... award: 1.00 point TB 01-02 Reducing
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Saunders‚ Lewis and Thornhill: Research Methods for Business Students‚ 6th edition‚ Additional Case Studies Case 8a The involvement of auditors in preliminary profit announcements Tony Beasley and Jim Keane‚ University of Gloucestershire Each year UK companies publish and issue an annual report and audited accounts‚ which are sent to numerous shareholders and other users. The process may take as long as three months from the end of the companies accounting period. This delay could create problems:
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Under the old system‚ commissions were a fixed percentage of dollar sales. The new system is considerably more complex‚ with commission rates yarying according to the product sold and the total dollar volume of sales. Jason Scott was assigned to use audit software to write a parallel simulation test program to calculate sales commissions and compare them with those generated by the new system. Jason obtained the necessary payroll system documentation and the details on the new sales commission policy
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extreme measures to conceal the fraud from his company’s audit committee and independent auditors. Despite those measures‚ the independent auditors identified suspicious entries in the company’s accounting records that were a result of the CFO’s fraudulent scheme but did not properly investigate those items. Shortly before the fraud was publicly revealed‚ a partner of the company’s audit firm instructed his subordinates to alter prior year audit workpapers for the client to conceal improper decisions
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AUE303R/101/3/2013 Tutorial letter 101/3/2013 ADVANCED THEORY OF AUDITING AND THE PERFORMING OF THE AUDIT PROCESS AUE303R Semesters 1 & 2 Department of Auditing IMPORTANT INFORMATION: This tutorial letter contains important information about your module. CONTENTS Page 1 2 2.1 2.2 3 3.1 3.2 3.3 4 4.1 4.2 4.3 5 6 7 8 8.1 8.2 8.2.1 8.2.2 8.3 8.4.1 8.4.2 8.4.3 8.4.4 9 10 11 12 13 14 INTRODUCTION .........................................................................................
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