Category Archive for: Agreeing the Terms of Audit Engagements

QUESTIONS AND ANSWERS

Your audit firm has been appointed to conduct a full scope of the financial statements covering a period of three months of Clever Audit Limited. Clever Limited needs the audit report for obtaining a bank loan. While verifying certain account heads you identify certain problems for which you are not provided satisfactory replies by the client. At the same time…

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Agreeing the Terms of Audit Engagements

In Pakistan, the scope of auditor’s obligations has been set out in the Companies Ordinance, 1984. Even in such cases, it is advisable to prepare an audit engagement letter. Since the engagement letter is in the interest of both the auditor and the client, its contents should be discussed and agreed with the management before it is sent.…

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