|Sample Audit Letter |
|Sample Audit Letter | Sample Letters|
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Auditing and Attesting
Sample Audit Letter
The sample audit letter is important for individuals and corporations because the audit is a vital accounting procedure that checks the accuracy of their financial records. An audit that is usually feared by many individuals is an audit by the Internal Revenue Service (IRS). Meanwhile, employees may also fear an audit of a company's financial records if they had misused corporate funds because this will likely be revealed by the process.
Corporations often utilize both internal and external audit processes as a way to make sure that this accounting process is performed fairly and without prejudice. An internal audit is conducted by the corporation's own accountants and there is a possibility of a cover-up, especially if the personnel who have embezzled funds occupy powerful positions in the company. Meanwhile, an external or independent audit is conducted by third party that is not in anyway related to the company whose financial records are to be audited. This third party is usually an accounting services firm that has extensive experience with regards to audits.
A sample audit letter can have different forms and these include the audit planning letter, audit engagement letter, audit completion letter, and audit findings letter. The primary reason for the audit engagement letter is to define the services that will be rendered by the auditing firm as well as the responsibilities of the company directors. For example, this audit letter may declare that the directors are responsible for ensuring that accurate financial statements are made and that the appropriate accounting records are kept. The auditing firm may also specify in the letter what their report will consist of, such as a report on whether the profit and loss statement is supported by the records and whether the reports of the directors are supported by the data.
Another form of the sample audit letter is the audit planning letter, which will specify when the audit will be conducted. This letter that is addressed to company directors may also declare what the auditing firm sees as potential problems that could prevent them from undertaking an independent auditing process. It may also specify what the auditing firm has done as a way to counteract the previously mentioned obstacles to an independent audit. Most importantly, this audit letter will define the kind of audit that will be performed and its range. For example, it may declare that the audit firm will be coming up with its own opinion as to whether the audited company's financial statements are in compliance with standards and provide a fair and reliable view of the company's financial condition. It may also specify the standards on which it will be basing its analysis and opinions. The letter may also provide an outline of the contents of its future audit report. This may include the weaknesses in the company's internal control system, unadjusted misstatements, audit risks that can substantially affect the audit report, and qualitative analysis of the accounting practices of the audited company.
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