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For audit evidence, it is reliable if the auditor has no other means of obtaining evidence. Examples may include situations involving contingent liabilities or off-balance-sheet liabilities . The person issuing the letter should have the appropriate authority or seniority in the organization to vouch on the issue.
An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA's role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.
Inform the Audit Committee without delay of any issue of risk, control or management practice that may be of significance. The chief audit executive (CAE) reports the most critical issues to the audit committee quarterly, along with management's progress towards resolving them. Critical issues typically have a reasonable likelihood of causing ...
The Act confers on the Auditor-General various investigatory powers to facilitate the carrying out of audits. [2] [3] The AGO reports their findings directly to the President, Parliament, and the public, through the Annual Report of the Auditor-General. Audit findings are also shared with the management of the audited organisation. [4]
AIA is recognised by the UK Government as a Recognised Qualifying Body for statutory auditors under the Companies Act 2006, as a Prescribed Body under the Companies (Auditing and Accounting) Act 2003 in Ireland, and members qualified as a statutory auditor and registered with a Recognised Supervisory Body (RSB) are able to seek registration as ...
A "statutory audit" is a legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial ...
The Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (CCA). Founded in 1904, It is now the fourth-largest professional accounting body in the world, with 252,500 members and 526,000 student members.