Aggregate to the engagement and matters relevant to

Info icon This preview shows pages 25–27. Sign up to view the full content.

aggregate, to the engagement; and matters relevant to your judgments or estimates that are material, either individually or in the aggregate, to the consolidated financial statements. These representations are used as evidence to assist us in deriving reasonable conclusions upon which our audit opinion is based. 1. 3 Audit Committee Responsibilities The Audit Committee is responsible for approval of the consolidated financial statements and company policies, and for monitoring management's performance. The Audit Committee should consider the potential for management override of controls or other inappropriate influences, such as earnings management, over the financial reporting process. The Audit Committee, together with management, is also responsible for the integrity of the accounting and financial reporting systems, including controls to prevent and detect fraud and error. Effective discharge of these respective responsibilities is directed toward a common duty to provide appropriate and adequate financial accountability, and quality financial disclosure. 2. Overall Audit Strategy Our overall audit strategy is risk-based and controls-oriented. Identification and assessment of risks having a potential impact on the financial accounting systems and consequent financial reporting is performed continuously throughout the audit process. Our overall audit strategy does not, and is not intended to, involve the authentication of documents, nor are our team members trained or expected to be experts in such authentication. Unless we have reason to believe otherwise, we accept records and documents as genuine. The subsequent discovery of a material misstatement resulting from fraud does not, in and of itself, indicate a failure to comply with Canadian generally accepted auditing standards. 25 "We are - the relationship you can count on" - Chiu & Weisserman, LLP
Image of page 25

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Page 4 April 11, 2012 Dollarama Inc. We will identify and assess the risk of material misstatement within the consolidated financial statements by updating our understanding of the entity and its environment, including examining and assessing controls and systems, the evidence supporting amounts and disclosures in the statements, and the appropriateness of accounting principles and significant estimates. This will be accomplished through enquiries with management and others within the entity, analytical procedures, and observation and inspection. Further, we will consider whether effective controls have been established to adequately respond to the risk arising from the use of IT or manual systems. Our review of the Company's controls will not be sufficient to express an opinion as to their effectiveness or efficiency. We have identified significant items and estimates, and plan to perform testing, as follows: SIGNIFICANT CONSOLIDATED FINANCIAL STATEMENT ITEM/ MANAGEMENT ESTIMATE TESTS TO PERFORM Cash and cash equivalents To tie in to all Canadian and U.S. financial institutions confirmations Accounts receivable
Image of page 26
Image of page 27
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '12
  • Ralph
  • ........., International Financial Reporting Standards, Cindy Chiu

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern