Orange County NC Website
Browse       Search
1~5 <br />Recommendation -The firm should renund all professionals of the matters to be considered <br />when documenting procedures performed in the above azeas. The firm should consider <br />conducting a training session to highlight the documentation matters noted during the review. <br />Finally the firm should monitor the adequacy of audit documentation through increased emphasis <br />by the reviewers of'audit engagements in the above areas. <br />Finding -The firm's quality control policies and procedures require that representation letters <br />refer to uncorrected adjustments and that a schedule of such adjustments be attached to the <br />representation letters. We found several instances in which the representation letter did not <br />address uncorrected adjustments or the schedule attached contained incorrect amounts. These <br />instances did noC result in arty financial statement misstatements. <br />Recommendation - We recommend that the firm re-emphasize its policies and procedures <br />concerning reference to uncorrected adjustments and hold a training session to review such <br />procedures. In addition, all reviewers should more closely monitor representation letters and the <br />schedules attached to such Ietters for uncorrected adjustments. <br /> <br />