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Controlling the Audit Process
completely revised and expanded by Hilda S. Renteria, CPA
Edited by Catherine Barker
(c) 1989 by CPAs for the Public Interest. All rights reservedRevised edition (c) 2000 by CPAs for the Public Interest
 
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Table of Contents
IntroductionSFAS No. 117AcknowledgementsPart 1. The Auditor's JobDescription of a financial audit 1.1Understanding your organization 1.5Internal control procedures 1.8Confirmation of major transactions and balances 1.10Testing underlying accounting records 1.11Client representation letter 1.13Management letter 1.14Auditor's report and financial statements 1.15Part 2. Deciding to Have an AuditRequirementsStatutory requirements 2.1Other external requirements 2.2Internal requirement 2.4AlternativesOther reports 2.5Self-audit 2.6The cost in time and money 2.7Who decides? 2.8Audit committee 2.9Committee records 2.11
 
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Part 3. Engaging an AuditorFinding a qualified auditorLicensing 3.1Other qualifications 3.2Conflicts of interest 3.4Preparing the RFP 3.5Services required 3.6Term of the engagement 3.8Interviewing prospective auditors 3.9Brief examination 3.10Auditor's proposal 3.12Comparing proposals 3.13Engagement letter 3.14Fees 3.16Pre-audit conference 3.18Exit conference 3.20Post-audit evaluation 3.23AppendixesA. Audit Proposal Evaluation ChecklistB. The Single Audit Act and OMB Circular A-133C. Compilation and Review ServicesD. Other Services Performed by the AuditorE. Request for ProposalsF. Audit Prep ChecklistG. Engagement LetterH. Client Representation LetterI. Sample Unqualified Audit ReportJ. Sample Nonprofit Financial StatementsStatement of Financial Position, Exhibit AStatement of Activities, Exhibit BStatement of Functional Expenses, Exhibit CStatement of Cash Flows, Exhibit DNotes to the Financial Statements, Exhibit EK. Glossary
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