Engagement Letter Checklist And Timeframe Essay

925 words - 4 pages

Engagement Letter, Checklist, and Timeframes

Engagement Letter, Checklist, and Timeframes

October 29, 2012

Eric Unum
Vice-President-Finance
Apollo Shoes Inc.
100 Shoe Plaza
Shoetown, ME 00001
Dear Sir,
This letter is to confirm our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide on the Apollo Shoes Company internal audit services.
The objective of our audit is the expression of an opinion whether your financial statements are fairly and materially presented. Our audit will aligned with auditing standards GAAP and will include tests of your accounting records and other procedures we consider ...view middle of the document...

However, we will inform you of any material errors that come we may discover and any fraud that become known to us during the audit. Our responsibility as auditors is limited to the period our audit is engaged to cover.
Our audit will include obtaining an understanding of your internal controls in order to plan the audit and to establish timing, and extent of audit procedures to be performed.
Thank you for your attention to this matter, and please contact me with any questions that you may have.

Very truly yours,


Anderson, Olds, and Watershed (AOW),
102, Accounting Road,
Audit City, ME 00002.

Engagement checklist

| W/P Ref | YES | NO | By Who |
Audit planning checklist | | | | |
Final risk assessment and engagement | | | | |
Final internal control assessments | | | | |
Fraud document | | | | |
Final engagement objectives and scope | | | | |
Final audit program | | | | |
Communication document | | | | |
Audit Engagement Deliverable | | | | |
Audit Engagement work paper Review sign-off Checklist & QA | | | | |
Review audit/engagement in audit plan | | | | |
Preliminary planning team meetings Manager In-charge staff | | | | |
Identify and review | | | | |
Executive orders | | | | |
Administrative procedures | | | | |
Standard operating procedures | | | | |
Organizational charts | | | | |
Financial data and analysis | | | | |
Regulatory information | | | | |
Prior audits | | | | |
Industry standardsIdentify and document: | | | | |
Engagement and audit risk | | | | |
Audit cycles/functions/process | | | | |
Internal control assessment | | | | |
Audit engagement scope and objectives | | | | |
Project set-up checklist (workpaper) | | | | |
Consideration fraud | | | | |
Resources allocation Initial audit/engagement budget/time reporting | | | | |
Initial audit/engagement program | | | | |
Engagement and Audit Risk Assessment | | | | |
Elements to Consider: | | | | |
Engagement Risk | | | | |
Link to Audit Universe/Enterprise Risk Assessment | | | | |

| W/P Ref | YES | NO | By Who |
Discussions with Management relevant research to identify: Business Objectives & Risks Systems Process Risks | | | | |
Internal Control Assessment | | | | |
Identify Internal Control Framework | | | | |
Identify Control Structure | | | | |
Internal Control Assessment...

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