Discussed with michael ross on february 8 2012 high x

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Discussed with Michael Ross on February 8, 2012 . High [x] Moderate [ ] Low [ ] Insignificant [ ] Risk Significant risk Some risk Negligible risk No risk Document discussion with management: The company has billions of sales, complex transactions with subsidiaries = inherent risk as moderate.   Nature of Additional Inherent Risk Accounting Cycle Affected Insignificant MNP’S OVERALL ASSESSMENT OF INHERENT RISK Indicate MNP’s overall assessment (H M L I) of the inherent risk that their financial statements could be materially misstated as a result of error and/or fraud. High [x] Moderate [ ] Low [ ] Insignificant [ ] Risk Significant risk Some risk Negligible risk No risk Document the rational of MNP's overall assessment: Based on the analysis on the environment performed in part one of the project, C&W assesses inherent risk as moderate  since this is our first year audit and the transactions between the subsidiaries are complex.  Initial Date Prepared by Detail Review by Supervisory by Peer Review by [Other Inherent  risk(s): Describe] No
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C&W LLP Audit Program Assertions Index Client: Dollarama Inc. Client #: 450165 Year/Period End: January 29, 2012 The financial statements on which the audit opinion is based are presented by management on the basis that they present fairly the financial position and results of operations for the period ended. This all encompassing assertion can be broken down into a number of assertions made by management in relation to each class of transactions and events, financial statement account balance and presentation & disclosure, as set out in the following table. DEFINITION OF ASSERTIONS Assertion Description Symbol Classes of transactions and events Completeness All transactions and events that should have been recorded have been recorded. Cm (I/S) Classification Transactions and events have been recorded in the proper accounts. Cl Cut-off Transactions and events have been recorded in the correct accounting period. Co Accuracy Amounts and other data relating to the recorded transactions and events have been recorded appropriately. Ac Occurrence Transactions and events that have been recorded have occurred and pertain to the entity. Oc FS Account balances Existence All assets, liabilities and equity interests exist. Ex Valuation & Allocation Assets, liabilities and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded. Va Completeness All assets, liabilities and equity interests that should have been recorded have been recorded. Cm (B/S) Rights and Obligations The entity holds or controls the rights to assets, and liabilities are the obligations of the entity.
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