Audit Engagement Letter Template - Examples Page 2
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14ISA 210
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EXAMPLE OF AN AUDIT ENGAGEMENT LETTER
[THE RESPONSIBILITIES OF THE AUDITOR]
We will conduct our audit in accordance with International Standards on Auditing
(ISAs). Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit involves
performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. An audit
also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
Because of the inherent limitations of an audit, together with the inherent
limitations of internal control, there is an unavoidable risk that some material
misstatements may not be detected, even though the audit is properly planned
and performed in accordance with ISAs.
In making our risk assessments, we consider internal control relevant to the
entity’s preparation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity’s internal control.
However, we will communicate to you in writing concerning any significant
deficiencies in internal control relevant to the audit of the financial statements
that we have identified during the audit.
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Parent category: Letters