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7. Deliverables and reporting requirements
You are to complete and submit all the reporting requirements and deliverables as listed in Section 3 of these instructions. Adherence to the reporting dates in section 3 is crucial.
In addition to information provided in the preceding sections of these instructions, below is a summary of the matters to be included in the required deliverables.
7.1 Audit Planning Memorandum
The Audit Planning Memorandum included in Appendix XXX should be used by each component auditor to document the engagement team’s understanding of the component entity and its environment, changes in accounting standards, the engagement team’s overall assessment of risk, significant risks identified and planned response, understanding of internal controls and your plan for testing the operating effectiveness of internal controls, if applicable and any significant auditing and accounting issues anticipated.
Please ensure that at minimum, all matters set out in the enclosed format in Appendix XXX are covered.
7.2 Related Party transactions
Please use the Transactions with Related Parties schedule in Appendix XXX to communicate to us any related party transactions identified by you.
7.3 Final Memorandum
You are required to submit a Final Memorandum (“FM”) which should document the major findings and conclusion on significant auditing, accounting and reporting issues, including significant judgements made by the engagement team. Sufficient information should be included in the FM to support your conclusions about significant risks and issues, your evaluation of misstatements and your conclusion on the appropriateness and sufficiency of your audit procedures.
You are to discuss relevant issues included in the FM with component management before submission to us. The format of the FM as set out in Appendix XXX should be used.
7.4 Audit Clearance memorandum
You are required to provide an audit opinion to XXX on the audited financial information of the component.
If significant exceptions and / or uncertainties exist, they must be clearly stated in your clearance memorandum. Such exceptions must be set out in journal entry form showing the accounts affected in local currency and an explanation of the reason why the entry or qualification is required and whether local management concurs with the adjustment.
Refer to Appendix XXX for the format to be used.
7.5 Summary of Adjusted and Unadjusted Audit Differences
You are to report to us all known misstatements, either corrected or uncorrected, that individually exceed the Misstatement reporting threshold (refer to Section 6.3) using the templates provided in Appendix XXX.
The misstatements reported should be agreed with the component management and should include those of a factual nature that you have become aware of during the course of your audit and any areas of judgement used by the component management in the preparation of their financial information with which you disagree.
If no misstatements are identified, a nil return or notice should be submitted.
7.6 Group audit questionnaire
This questionnaire is designed to obtain information and explanations to assist us in forming our opinion on the Group financial statements. Please complete and submit the questionnaire as attached in Appendix XXX.
7.7 Internal Control Memorandum
All significant deficiencies in internal controls at component level identified by you should be reported to us using the template provided in Appendix XXX or you could forward to us a copy of the internal control memorandum issued by you to component management. You should discuss the content of the memorandum with component management and incorporate component management’s responses to your findings.
If no significant deficiencies are identified, we request that you provide us with a statement in the Final Memorandum (Appendix XXX) or in a separate cover that no significant matters have come to your attention which would warrant inclusion in such a report within the deadline stipulated.
7.8 Key Audit Matters
In order to assist us in our reporting of the key audit matters, a summary of key audit matters identified should be submitted to us by DD/MM/YY.
To ensure that the information is in a useful and concise format, Key Audit Matters section (Appendix XXX) specifies the information which should be submitted to us. Where a section is not applicable, please state that this is the case.
8. Other matters
8.1 Summary of final fees
If there are any changes between the fees submitted to us in the Confirmation of Independence (Appendix XXX) and the final fees billable/billed, you are to inform us together with the submission of the Final Memorandum (Appendix XXX). You are responsible for determining that the submission reflects all services provided and fees rendered by your firm and your network/affiliated firms to the component entity.
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