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Finance on contemporary auditing issues - Essay Example
Author : dangelolehner
Finance & Accounting
Pages 15 (3765 words)
Issues in Contemporary Auditing Part1 A. Engagement Letter Engagement letter is primarily considered as a legal relationship between a business organisation and its clients. The organizations might entail investment banking, consultancy or accountancy firms…
This letter is also prepared on the basis of which we (Loughran and Shrives), acting as an auditor of Hammerson plc would be responsible for ensuring that utmost transparency and efficiency is maintained in the audit process. Additionally, engagement letter for Hammerson plc is mentioned below: To the Directors of Audit Committee, As an auditor of Hammerson plc, we are taking the opportunity to divulge certain imperative aspects related to the impending auditing process. The aspect of financial transaction record would be quite vital to be thoroughly examined in the process. It has been revealed that Hammerson plc upholds proper financial statement by following the guidelines of Companies Act 1985 which depicts true and fair values that facilitate the company to maintain accurate financial records. Additionally, audit report of the company is also conducted by following the guidelines of International Standard on Auditing (ISA) which is authorized by International Auditing and Assurance Standards Board (IAASB). Moreover, while preparing audit report, Hammerson also utilises various financial transaction tests that facilitate it to identify the valuation of assets and liabilities which are essential to be considered. ...