Exercise 2.0-B.docx - Session 2.0 Perform the Preliminary...

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Session 2.0: Perform the Preliminary Activities Exercise Exercise 2.0-B Terms of Audit Engagement Objective: To familiarize participants with the terms of audit engagement Time required: Individual reading: 5 minutes Group Discussion 10 Plenary Discussion 15 Total Time 30 minutes Instructions: 1. Identify from the list below which items are included in the audit engagement letter. 2. Write your answers on the whiteboard. 1. Audit objectives 2. Internal Control Framework 3. Materiality thresholds 4. Audit Limitations 5. Auditee’s Feedback on Audit Team’s Performance
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Unformatted text preview: 6. Auditee’s professional and ethical practices 7. Auditor’s responsibilities 8. General Accounting Plan 9. Agency Financial Management Performance 10. Overall Audit Strategy 11. Management Representation Letter 12. Independent Auditor’s Report 13. Agency’s responsibilities 14. Assistance from Management 15. Use and reproduction of COA audit reports 16. Audit Timelines 17. Audit team’s independence, objectivity and competence Seminar on Financial Audit Manual Page 1...
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