Module 20 Summary only Flashcards
1
Q
What must be included in the engagement letter?
A
Objective and scope Responsibilities of auditor Responsibilities of management Identification of framework Reference to expected form and content of any reports
2
Q
Key Elements of engagement and client management include?
A
Firm/engagement staff management procedures
Working paper management
Communication with those charges with governance
3
Q
The audit strategy memorandum summarises key decisions, this includes:
A
Background client info Systems and controls info Staffing and key client contacts Materiality Analytical procedures results Risk assessment findings and procedures Timetable
B SSMART
4
Q
Audit planning meeting
A
Audit team must discuss ROMM at planning
5
Q
Management letter
A
Allows auditor to communicate any significant weaknesses Identified in internal controls and other matters
Constructive in nature
Commonly addressed to board
Issued promptly
6
Q
Engagement quality control review
A
Ensure review carried out for listed company engagements
