C1.
The auditor should include the following matters in the engagement letter.1/ The auditor's description of these matters will vary depending on whether the auditor is engaged in a financial statement audit or in an audit of internal
control over financial reporting that is integrated with an audit of financial statements ("integrated audit").
C2. In connection with a review of interim financial information, to confirm and document the understanding, the auditor should either: (a) document in the audit engagement letter the nature and objectives of the engagement to review interim financial information and the responsibilities of management and the auditor or (b) issue a separate engagement letter that addresses such matters.3/ What is included in auditors engagement letter?The engagement letter documents and confirms the auditor's acceptance of the appointment, the objective and scope of the audit, the extent of the auditor's responsibilities to the client and the form of any reports. Management's responsibility for establishing and maintaining effective internal control.
Which of the following would least likely be included in the auditors engagement letter?An audit engagement letter least likely includes a. A reference to the inherent limitation of an audit that some material misstatements may remain undiscovered.
Which of the following matters does an auditor usually include in the engagement letter quizlet?An auditor's engagement letter most likely would include: management's acknowledgment of its responsibility for maintaining effective internal control. the auditor's preliminary assessment of the risk factors relating to misstatements arising from fraudulent financial reporting.
Which of the following is generally covered in an engagement letter?The terms of the engagement should be documented in an engagement letter that states the following: (1) objective and scope of the audit, (2) responsibilities of the auditor and management, (3) inherent limitations of the audit and internal control, (4) the financial reporting framework, and (5) the expected form and ...
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