The CONTRACT between the Auditor & the Client | ISA/ASA 210

[@siyilu9895]

Thank you Amanda!! You are a legend!

[@yenchoo7274]

Hi Dr Amanda, I hope you are well! I was wondering if there is a high interconnection between the requirements ISA210, ISA220 and ISQC1 (or ASA210, ASA220 and ASQC1)? Thank you!

[@amandalovestoaudit]

Hi Yen! They are essentially the same standards - the A just means the Aust standard (which is very similar)

[@yenchoo7274]

Thank you :) I’ve been watching all your videos over the last 6 hours as revision for my exam. Just wanted to say a big thank you for your videos and your time that you’ve put in, it’s really appreciated!! Regards from South Africa!

[@NtombifuthiTshangela]

Hi Dr, Thank you for the explanation. Does the Engagement letter not include timelines of the audit or expected sign off dates?

[@kennyjames9254]

From Nigeria 🇳🇬🇳🇬🇳🇬🇳🇬 thanks Dr Amanda

[@Mustalifosaid_12]

Thank you. Amanda, The video was very helpful.

[@scotolivera8207]

Thanks a lot Dr., if you may I have a question, can the engagement letter include two reporting period? e.g. : "You have requested that we audit the financial statements of XYZ as of 31 December 20X1 together with those of the previous year 20X0.", in the case that the prior year is not audited, thanks in advance

[@anantamurti4346]

Dear DR Amanda, In terms of the audit committee signing the engagement letter - the audit committee would comprise of company directors or the head of compliance and reporting who is channeling all the risk and compliance reporting of a company ?

[@amandalovestoaudit]

Audit committee is normally independent directors only - no executives 😊

[@markanthony9061]

Mam, what are the reportable conditions in an audit?

[@markanthony9061]

please reply

[@amandalovestoaudit]

Reportable conditions relate to material weaknesses in internal controls - www.ifac.org/system/files/meetings/files/2361.pdf

[@bishopdstv9544]

Thank you

[@amandalovestoaudit]

You’re welcome ☺️

[@woldegissa3324]

wow iam partener

[@marhtashiyayi9638]

Question : Critically examine the shortcoming of the engagement letter in terms of ISA210 ? 25 marks

[@amandalovestoaudit]

Hi - this sounds like an exam prep or assignment question 😊 I’m not a contract cheating service or assignment writing service - so why don’t you post what you think your answer should be and I can provide some feedback 😊

[@marhtashiyayi9638]

no miss is not examination,test or assignment is only passed question i picked and i ask you to provide for me an answer if possible .we only write test in our university manual do not be afraid i am student studying

[@amandalovestoaudit]

And regardless - this is exactly how I answer questions from my students. I challenge them to share their own thoughts before I provide feedback on them 😊

[@marhtashiyayi9638]

Answer :- The letter noted dated -The letter is not addressed to the appropriete representative of management, i.e the board of director or the audit committee - it does not indicate thee year to be audited. - This is the first audit, and imposing a deadline by promising sign- off of the AFS on 15 October is inappropriate. -It is not mentioned that an audit includes evaluation of the appropriateness of accounting policies, the reasonableness of accounting estimates and overall presentation of the financial statement. -Th letter does not alert the client to the fact thet, because of the inherent limitations of an auditing together with the inherent limitation internal control, there is still the unvoidable risks that some material misstatement may not be detected, even through the audit is propery planned and performed. - There is no indication that written confirmation of representations of management will be requested. -No reference is made to the use of an expert should this be appropriate. -No reference is made to the use that will be made of the internal auditors.

[@puttasreedharreddy9067]

❤ from India Amanda

[@amandalovestoaudit]

Hi Putta and thanks for watching!

[@marhtashiyayi9638]

from Namibia

[@sujatakshetri]

❤❤❤

[@nareshvarma1227]

One of worst lecture , you just reading the content, no explanations.