Which of the following topics is not normally included in an engagement letter
Auditing Standard No. 16 Appendix C — Matters Included in the Audit Engagement LetterC1. The auditor should include the following matters in the engagement letter. 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"). Show
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. Certain matters should not be included in an engagement letter; for example, under Securities and Exchange Commission, Section 602.02.f.i. of the Codification of Financial Reporting Policies, indemnification provisions are not permissible for audits of issuers. AU sec. 325, Communications About Control Deficiencies in an Audit of Financial Statements, provides direction on control deficiencies identified in an audit of financial statements. Paragraphs .08-.09 of AU sec. 722, Interim Financial Information, discuss the auditor's responsibilities related to establishing an understanding with the audit committee in connection with a review of the company's interim financial information. Which is usually included in an 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. The objective of the audit of financial statements.
Which of the following is not included in an engagement letter?Which of the following is not included in the engagement letter? Representations that the financial statements were prepared in accordance with generally accepted accounting principles.
What should be included in an engagement letter quizlet?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 ...
Which of the following would be least likely to be included in the auditor's engagement letter? An audit engagement letter least likely includes
Answer: Identification of specific audit procedures that the auditor needs to undertake.
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