Requirements of AFC - Requirements of AFC: - Objectives and...

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Requirements of AFC : - Objectives and procedures we should undertake in a meeting with EY - Planning memorandum for 2010 audit (20 page limit) o Procedures on audit of net capital assets – subway - Memorandum internal controls that should be in place regarding the new revenue stream of advertising from corporate sponsors - One page summary of types of audit issues/concerns regarding Presto Card - “Summary to Partner” on top 3-5 accounting issues when moving to IFRS - Engagement letter Objectives/Procedures with EY (Stacey) - Professional Code of Conduct 302 communication with predecessor - Professional Code of Conduct 303 cooperation with successor o Don’t need to disclose details - Objectives: “inquire whether there are any circumstances that should be taken into acct that might influence the decision on whether to take the engagement (ex, suspected fraud/illegal activity)” (302) - Procedures: inquiry, specific questions, review working papers, audit reports, modified/adverse opinions? - Evaluate competence, independence and objectivity and appropriateness of work Memorandum for Internal controls on New Revenue Stream (Charmaine) Segregation of duties - Authorization - Execution - Recording Five Components of Internal Control - The control environment - The entity’s risk assessment process
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This note was uploaded on 11/20/2011 for the course ECON 123 taught by Professor John during the Winter '11 term at University of Texas Medical Branch at Galveston.

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Requirements of AFC - Requirements of AFC: - Objectives and...

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