Finance and accounting: contemporary auditing - Essay Example

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Finance and accounting: contemporary auditing

To The Audit Committee, The purpose of this letter is to invite the company i.e. KAZAKHMYS to involve in a relationship with our audit firm. It has been observed that the company KAZAKHMYS acts according to the rules and the regulations mentioned in Companies Act 1985. The company is one of the renowned natural resources group. The company wants our audit firm to do statutory audit and stock audit for their company. In relation to this, the company KAZAKHMYS needs to provide access to its accounting records as well as all the information which are needed to prepare the financial statements. The company must also provide access to the concerned persons who are required for gathering information with regard to the preparation of financial report within the organisation. In the context of this engagement relationship the auditor needs to follow certain statutory duties to ensure a long-term and healthy relationship between the concerned parties. Statutory audit scrutinises the books of accounts. The company has maintained transparency in their books of financial statement to reflect the company status to their stakeholders and shareholders. ...Show more

Summary

Issues In Contemporary Auditing Part 1 A. Engagement Letter Audit engagement letter provides assistance in avoiding any confusion related to the engagement which might occur in the process of auditing. The engagement letter includes the documentation and confirmation of the auditor’s acceptance with regards to the appointment…
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