Audit Correspondence – Practical Applications of Clarified Auditing Standards

Course Description:

These materials focus on the following Clarified Auditing Standards:
AU-C Section 210, Terms of Engagements
AU-C Section 260, The Auditor’s Communication with Those Charges with Governance
AU-C Section 505, External Confirmations
AU-C Section 580, Written Representations
AU-C Section 265, Communicating Internal Control Related Matters Identified in an Audit
AU-C Section 501, Audit Evidence – Specific Considerations for Selected Items

Summaries of each of the above standards will be presented in the text, followed by discussions of practical application issues. Illustrative examples of the correspondence required by these standards will also be included.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Understand the requirements of the Clarified Auditing Standards pertaining to certain audit correspondence in AU-C Sections 210, 260, 505, 580, and 501 (Lawyers Letters)
• To learn practical ways to perform procedures and apply the requirements pertaining to certain audit correspondence
• To conduct appropriate audit procedures and prepare audit correspondence including engagement letters, written communications to persons charged with governance, accounts receivable confirmations, management representation letters, internal control letters, lawyers letters