The Audit Communication Letter is a mandatory document required under Canadian Auditing Standards that facilitates formal communication between external auditors and an organization's governance body. This document is typically issued during the audit engagement process and serves multiple purposes: it establishes the scope and timing of the audit, communicates significant findings, confirms the auditor's independence, and addresses any concerns or risks identified during the audit process. The letter must align with Canadian regulatory requirements, including CAS 260 (Communication with Those Charged with Governance) and CAS 265 (Communicating Deficiencies in Internal Control). It is particularly crucial for ensuring transparency and maintaining clear documentation of audit communications in both public and private sector engagements.
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1. Letterhead and Date: Auditor's firm letterhead and current date
2. Recipient Details: Addressee information, typically the board of directors or audit committee
3. Subject Line: Clear indication that this is an audit communication letter for the specific period
4. Introduction: Purpose of the communication and scope of the audit engagement
5. Auditor's Responsibilities: Clear statement of the auditor's responsibilities under professional standards
6. Management's Responsibilities: Outline of management's responsibilities regarding financial statements and internal controls
7. Planned Scope and Timing: Overview of the audit approach, materiality considerations, and timeline
8. Significant Findings: Key audit matters, significant risks identified, and important observations
9. Independence Declaration: Statement confirming auditor's independence and any relevant relationships
10. Closing and Signatures: Professional closing, firm's signature, and contact information
1. Internal Control Deficiencies: Section included when significant deficiencies in internal control are identified during the audit
2. Regulatory Matters: Included when there are specific regulatory requirements or findings to be communicated
3. Group Audit Considerations: Required when the audit involves multiple components or subsidiaries
4. Going Concern Matters: Included when there are uncertainties about the entity's ability to continue as a going concern
5. Fraud Considerations: Added when specific fraud risks or instances have been identified
6. Other Services: Included when the firm provides other services besides the audit that need to be disclosed
1. Summary of Adjusted Differences: Schedule listing all significant adjustments made during the audit
2. Summary of Unadjusted Differences: Schedule of uncorrected misstatements and their effects
3. Significant Risks and Responses: Detailed analysis of identified significant risks and audit responses
4. Management Representation Points: List of specific representations required from management
5. Timeline and Deliverables: Detailed schedule of audit milestones and expected deliverables
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