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Management representation is a letter issued by a client to the auditor in writing as part of audit evidences. [1] The representations letter covers all periods encompassed by the audit report, and is dated the same date of audit work completion.
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.
Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains the appropriate audit personnel. The staff should have the necessary skills and expertise to identify inherent risks of the business and assess the overall effectiveness of controls in place relating to the company's internal controls.
Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide the assurance that the audit was performed in ...
Audit Risk and Materiality in Conducting an Audit full-text: December 1983 48: The Effects of Computer Processing on the Audit of Financial Statements full-text: July 1984 49: Letters for Underwriters full-text: September 1984 50: Reports on the Application of Accounting Principles full-text: July 1986 51
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An opinion is said to be unqualified when he or she does not have any significant reservation in respect of matters contained in the Financial Statements. The most frequent type of report is referred to as the "Unqualified Opinion", and is regarded by many as the equivalent of a "clean bill of health" to a patient, which has led many to call it the "Clean Opinion", but in reality it is not a ...