Group Audit Instructions.docx
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Group Audit Instructions.docx
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GroupAuditInstructions
XXXPTE.LTD.
GroupAuditInstructions
FinancialYearended31December2012
Introduction
A1GeneralInformation
WehavebeenengagedtoperformanauditontheconsolidatedfinancialstatementsofXXXPte.Ltd.(the
“Group”)forthefinancialyearended31December2012.ThefinancialstatementsarepreparedinaccordancewithSingaporeFinancialReportingStandards(Singapore“FRS”).
Wehavebeenadvisedthatyouhavebeenappointedasauditorsofasubsidiarycompany,XXXPte.Ltd.,whichistobeincludedintheconsolidatedfinancialstatementsoftheGroupforthefinancialyearended31December2012.
Asauditorsoftheconsolidatedfinancialstatements,wearerequiredtoensurethatthefinancialstatementsreceivedfromsubsidiarycompaniesforthepurposeofconsolidationaresuitableforinclusionintheconsolidatedfinancialstatements.Tothatend,theseinstructionsaredesignedtoinformyouofthescopeofauditwerequireyoutoperformandoutline,amongotherareas,thekeyreportingdeadlinesandauditdeliverablestobesubmittedtousforthepurposeofourauditoftheGroup.
A-2PerformingSSA
WewillbeconductingourauditoftheconsolidatedfinancialstatementsinaccordancewithSingaporeStandardsonAuditing(“SSA”)promulgatedbytheInstituteofCertifiedPublicAccountantsofSingaporeandcomplywithInternationalStandardsonAuditing(“ISA”).WerequestthatyouperformyourauditproceduresinaccordancewithSSAandthespecificrequirementsincludedintheseinstructions.
A-3ReportingStandards
AstheconsolidatedfinancialstatementsoftheGrouparetobepreparedincompliancewithSingaporeFRS,pleaseensurethattheaccountingpoliciesappliedbythelocalentityisconsistentwithSingaporeFRS.
WhereaccountingpoliciesappliedbythelocalentitydeviatesfromSingaporeFRS,werequireimmediatenotificationgivingfulldetailsandtheeffectsonthefinancialstatementsasdisclosedinSectionC-12.
A-4Communications
Alldocumentationshouldfirstbesubmittedelectronically(viae-mailorfacsimile)wherepossible,andsubsequentlysubmittedbycourierorpost.Forinstanceswherereportsandmemorandumsprescribedintheseinstructionsarenotapplicable,thedocumentssubmittedshouldstateso.
KeyauditpersonnelfortheGroup’sstatutoryauditareasfollows:
Name
Phoneno.
E-mailaddress
EngagementAuditPartner
EngagementAuditPrincipal
EngagementAuditManager
EngagementAuditAssistant
TheprincipalcontactforqueriesinrelationtotheauditinstructionsaretheengagementAuditSupervisor/AuditAssistant.
Allsubmissionsandwrittencorrespondencesaretobeforwardedtothefollowingaddress:
Address
:
SINGAPOREASSURANCEPAC
61TRASSTREET
079000SINGAPORE
Phone
:
(65)62247526
Fax
:
(65)63231815
Youshouldinformusimmediatelyif,duringthecourseofyouraudit,itbecomesevidentthatmajorproblemsexistinaudit,taxoraccountingareaswhichmayaffectthesubsidiary’sabilitytocompletetheGroupAuditInstructionsorcauseadelayinmeetingtherequireddeadlines.
A-5LanguageofCorrespondences/Communications
Allcorrespondences,communication,memos,reportandmanagementlettersaretobewritteninEnglish.Memosshouldbebriefandpreciseandlimitedtomaterialmattersoffact.Shouldyouhavequestionsorcommentsinconnectionwiththeauditinstructions,pleasedonothesitatetocontactus.
A-6WorkingPaperReview
Wereservetherighttoreviewthecomponentauditor’sdocumentations(“workingpaperreview”).Forsignificantsubsidiariesaworkingpaperreviewwillbearranged.Wewillinformyouthetimeschedulefortheworkingpaperreviewinduecourse.
A-7TimetableofCommunications
DescriptionofCommunication
Section
DueDates
REPORTING
AcknowledgementofEngagementInstructions
C-1
ConfirmationofIndependence
C-2
ConfirmationofQualityControl
C-3
AuditPlanningandAuditStrategy
C-4
AuditQuestionnaires
C-5
HighlightsMemorandum
C-6
ConfirmationinRelationtoFraudRiskReview
C-7
AuditClearanceReport
C-8
SummaryofAuditDifference(SAD)Format
C-9
SubsequentEventsReview
C-10
ManagementLetter
C-11
ReconciliationofMASBDifferences
C-12
SupplementaryInformationSchedules
C-13
Management’sLetterofRepresentation
C-14
FinancialStatements
C-15
PleaseadvisetheGroupauditengagementteamimmediatelyifyouanticipateanydelayincomplyingwiththeabovereportingdeadlines.
Scopeofwork
B-1Auditscope
Theoverallauditobjectiveistoexpressanopinionontheconsolidatedfinancialstatements.Ourauditor’sopinionwillbebasedonanauditperformedinaccordancewithSingaporeStandardsonAuditing(“SSA”).
TheGrouphasdefinedfullscopeauditforitssubsidiaries.AfullscopeauditengagementisanauditperformedinaccordancewithguidelinessetforthintheSSAusingmaterialityasassignedinSectionB-2.Yourteamshouldconsidertheappropriateauditprocedurestobeperformed.
B-2Materiality
1.GroupLevelMateriality
Inthiscontext,wewouldliketoemphasizethatfortheauditoftheGroupfinancialstatementsyouwillhavetodetermineanindependentmaterialitybasedonyourrespectiveprofessionalstandardsapplicabletothestatutoryfinancialstatements.PleaselistallproposedadjustmentsidentifiedduringyourauditintheattachedSADatSectionC-9withacumulativeeffectexceedingthethreshold.
2.Threshold
ThethresholdabovewhichmisstatementscannotberegardedasclearlytrivialtotheGroupfinancialstatementsisSGDXXX.
B-3AuditoftheInternalControlSystem
Youshouldobtainasufficientunderstandingoftheclient’sinternalcontroltoplantheaudit(e.g.,conductpreliminarycontrolriskassessment)andtodeterminethenature,timingandextentofyourauditprocedures.Youarealsorequiredtoplanandperformyouraudittoobtainreasonableassuranceonwhetherthefinancialstatementsarefreeofmaterialmisstatement,whethercausedbyerrororfraud(i.e.,fraudulentfinancialreportingand/ormisappropriationofassets).Youshouldconsiderwhetherfraudriskfactorsmaybepresentandspecificallyassesstheriskofmaterialmisstatementofthefinancialstatementsduetofraud.Suchrisksshouldbeaddressedindesigningthenature,timing,andextentofyourauditprocedures.Youshoulddocumentyourfindingsandyourassessmentoftheeffectiveness/ineffectivenessoftheclient’sinternalcontrolattheentitylevel.
B-4SpecificAuditProcedureswithintheFullAudit
Inrespectofyourauditofthelocalentity,pleaseincludethefollowingconsiderationsinyourauditplanandensurethatyouobtainsufficientappropriateauditevidenceandmaintainadequatedocumentationofyourauditapproach:
1.Auditor’sResponsibilitytoConsiderFraudinanAuditofFinancialStatements(SSA240)
∙Auditriskassessment
∙Assessmentoffraudrisk
2.Property,PlantandEquipment(FRS16andFRS36)
∙Impairmentofproperty,plantandequipment
3.TradeDebtors
∙Impairmentoftradereceivables(FRS39)
PleasestateintheattachedhighlightsmemorandumatSectionC-6whetherornotyouhaveperformedtheabovementionedauditproceduresandanyotherimportantauditissuesarisingfromyouraudit.
B-5EngagementLetter
Youarerequiredtoobtainanengagementletterwiththelocalentitythatcoverstheauditofthelocalentity’sfinancialstatements.
Reporting
C-1AcknowledgementofEngagementInstructions
Kindlyreturnthisacknowledgementuponreceiptoftheseinstructionsandconfirmwhetheryouwillbeabletomeetthereportingdeadlinesandwhetherthereareanysignificantmatterswhichyouwouldliketodrawourattentiontoatthisstage.
C-2ConfirmationofIndependence
WerequestyoutoconfirmthatyouareindependentwithrespecttotheGroup.Therefore,werequestyoutoreturnyourindependenceconfirmationtousuponreceiptoftheseinstructionsusingthefollowingformat.
C-3ConfirmationofQualityControl
Werequestyoutosendaconfirmationofyourqualitycontrolforfirmandreviewoffinancialinformation.
C-4AuditPlanningandAuditStrategy
Pleaseprovideyourauditplanningandauditstrategymemotousandtoensurethatatleasttheitemsinthefollowingarecovered.
C-5AuditQuestionnaires
Auditquestionnairesdealwiththeauditproceduresandstandardsthatyoushouldconsiderwhileperformingyouraudit.PleasefillinYES/NO/NAresponsefortherespectiveproceduresyouhaveperformedandprovidefurtherinformationaboutalternativeauditproceduresorsignificantexceptionsfound.
C-6HighlightsMemorandum
TheHighlightsMemorandum(“HM”)foryourauditthatsummarisesimportantauditresultsandconclusions,highlightingmajorissuesfromyourauditworkistobeprovidedtothekeycontactinaccordancewiththetimetableatSectionA-7.TheHMshouldreportnecessarydatawithoutover-emphasisinghistorical,financial,orauditingmattersthatcouldobscuresubstantiveissues.YourHMshouldbewritteninamannerthatfullyexplainsthefactsoftheissues,amountsinvolved,andconclusionsreached.Asalloftheseissueswillbediscussedwithcorporatemanagement,itisimportantthatallsuchmattersbediscussedwithlocalmanagementandtheirconcurrence(orotherwise)notedintheHM.
Weexpectthatthematterswouldbecoveredinthefollowingformat.
C-7ConfirmationinRelationtoFraudRiskReview
YourauditinaccordanceSSA240isrequiredtoenableustoobtainreasonableassurancethatthefinancialstatementstakenasawholearefreefrommaterialmisstatementwhethercausedbyfraud
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