The use of engagement letters, Auditing

The Use of Engagement Letters

There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to execute certain work for the client, the scope of his responsibilities is made apparent preferably in writing, in that the terms of his agreement with his client are appropriately defined. Where probable a letter of engagement must be prepared setting out in detail the real services to be performed, and the terms of engagement must be accepted by the client and hence to reduce the risk of disputes concerning the duties supposed.

Posted Date: 12/3/2012 5:03:03 AM | Location : United States

Related Discussions:- The use of engagement letters, Assignment Help, Ask Question on The use of engagement letters, Get Answer, Expert's Help, The use of engagement letters Discussions

Write discussion on The use of engagement letters
Your posts are moderated
Related Questions
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments.  Corresponding IAS 36, 'impai

Auditors Procedures - Disclosure and Presentation 1) Ascertain that what steps the client uses to identify suppliers, selling on terms that reserve title by enquiry of those c

Detail work on stocks - Audit of Current Assets Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these includ

What is an audit, what financial records are available and what is their individual function in completing your audit? Audit is an independent examination of financial informat

Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated

during the preliminary stage of an audit, an auditor most likely would not do the following

Timing of Tests of Control - AUDITOR should perform tests of controls over a period of time which is adequate to determine whether, as of the date specified in management's report,

Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises.  Items of machinery and plant can be numerous mobile

should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge

Goodwill and Business Combinations - Intangible Assets Goodwill is the one of most strange of all assets since it cannot be differentiate from the business.  It cannot be sold