Introduction of client situation
Seeking auditor's help
Team meeting
Determining relevant assertions
Creating risk assessments
Assessing internal controls
The owner of a grocery store has entered a debt covenant with the bank to [insert reason]
There are no threats to independence so audit company accepts the client and requests the necessary reports
Team leader introduces client to the audit team. They discuss and allocate the roles of each person and schedule a Zoom team meeting to meet back and report their findings
Team member A is analyzing the completeness classification of client's reports and obligations of client. Shechecks for debt mistakes (classifications) and the directional risk for debt (understatement/completeness).
Team member B inspects client's documents to identify risks and sample debt related reports to ensure there has been no violation to debt covenant. She alsoassesses for debt related fraud.
Team leader later visits client's business to assess internal controls and identify any control deficiencies.
Assessment procedures for _ grocery store
I think the client may have understated their debts and overstate equity
Are there any debt covenant violations?
Do you have any internal controls in place? E.g. cameras, lock on cash register, segregation of duties, etc.
I entered a debt covenant with the bank late last year and need an audit opinion for this financial year
Sure, for now I would need a copy of the terms of your debt covenant, your financial statements, etc.
We will approve of your loan if you sign this debt covenant. The terms include providing quarterly and annual statements as well as an audit opinion
Introduction of client situation
Seeking auditor's help
Team meeting
Determining relevant assertions
Creating risk assessments
Assessing internal controls
The owner of a grocery store has entered a debt covenant with the bank to [insert reason]
There are no threats to independence so audit company accepts the client and requests the necessary reports
Team leader introduces client to the audit team. They discuss and allocate the roles of each person and schedule a Zoom team meeting to meet back and report their findings
Team member A is analyzing the completeness classification of client's reports and obligations of client. Shechecks for debt mistakes (classifications) and the directional risk for debt (understatement/completeness).
Team member B inspects client's documents to identify risks and sample debt related reports to ensure there has been no violation to debt covenant. She alsoassesses for debt related fraud.
Team leader later visits client's business to assess internal controls and identify any control deficiencies.
Assessment procedures for _ grocery store
I think the client may have understated their debts and overstate equity
Are there any debt covenant violations?
Do you have any internal controls in place? E.g. cameras, lock on cash register, segregation of duties, etc.
I entered a debt covenant with the bank late last year and need an audit opinion for this financial year
Sure, for now I would need a copy of the terms of your debt covenant, your financial statements, etc.
We will approve of your loan if you sign this debt covenant. The terms include providing quarterly and annual statements as well as an audit opinion
Introduction of client situation
Seeking auditor's help
Team meeting
Determining relevant assertions
Creating risk assessments
Assessing internal controls
The owner of a grocery store has entered a debt covenant with the bank to [insert reason]
There are no threats to independence so audit company accepts the client and requests the necessary reports
Team leader introduces client to the audit team. They discuss and allocate the roles of each person and schedule a Zoom team meeting to meet back and report their findings
Team member A is analyzing the completeness classification of client's reports and obligations of client. Shechecks for debt mistakes (classifications) and the directional risk for debt (understatement/completeness).
Team member B inspects client's documents to identify risks and sample debt related reports to ensure there has been no violation to debt covenant. She alsoassesses for debt related fraud.
Team leader later visits client's business to assess internal controls and identify any control deficiencies.
Assessment procedures for _ grocery store
I think the client may have understated their debts and overstate equity
Are there any debt covenant violations?
Do you have any internal controls in place? E.g. cameras, lock on cash register, segregation of duties, etc.
I entered a debt covenant with the bank late last year and need an audit opinion for this financial year
Sure, for now I would need a copy of the terms of your debt covenant, your financial statements, etc.
We will approve of your loan if you sign this debt covenant. The terms include providing quarterly and annual statements as well as an audit opinion
Introduction of client situation
Seeking auditor's help
Team meeting
Determining relevant assertions
Creating risk assessments
Assessing internal controls
The owner of a grocery store has entered a debt covenant with the bank to [insert reason]
There are no threats to independence so audit company accepts the client and requests the necessary reports
Team leader introduces client to the audit team. They discuss and allocate the roles of each person and schedule a Zoom team meeting to meet back and report their findings
Team member A is analyzing the completeness classification of client's reports and obligations of client. Shechecks for debt mistakes (classifications) and the directional risk for debt (understatement/completeness).
Team member B inspects client's documents to identify risks and sample debt related reports to ensure there has been no violation to debt covenant. She alsoassesses for debt related fraud.
Team leader later visits client's business to assess internal controls and identify any control deficiencies.
Assessment procedures for _ grocery store
I think the client may have understated their debts and overstate equity
Are there any debt covenant violations?
Do you have any internal controls in place? E.g. cameras, lock on cash register, segregation of duties, etc.
I entered a debt covenant with the bank late last year and need an audit opinion for this financial year
Sure, for now I would need a copy of the terms of your debt covenant, your financial statements, etc.
We will approve of your loan if you sign this debt covenant. The terms include providing quarterly and annual statements as well as an audit opinion
Introduction of client situation
Seeking auditor's help
Team meeting
Determining relevant assertions
Creating risk assessments
Assessing internal controls
The owner of a grocery store has entered a debt covenant with the bank to [insert reason]
There are no threats to independence so audit company accepts the client and requests the necessary reports
Team leader introduces client to the audit team. They discuss and allocate the roles of each person and schedule a Zoom team meeting to meet back and report their findings
Team member A is analyzing the completeness classification of client's reports and obligations of client. Shechecks for debt mistakes (classifications) and the directional risk for debt (understatement/completeness).
Team member B inspects client's documents to identify risks and sample debt related reports to ensure there has been no violation to debt covenant. She alsoassesses for debt related fraud.
Team leader later visits client's business to assess internal controls and identify any control deficiencies.
Assessment procedures for _ grocery store
I think the client may have understated their debts and overstate equity
Are there any debt covenant violations?
Do you have any internal controls in place? E.g. cameras, lock on cash register, segregation of duties, etc.
I entered a debt covenant with the bank late last year and need an audit opinion for this financial year
Sure, for now I would need a copy of the terms of your debt covenant, your financial statements, etc.
We will approve of your loan if you sign this debt covenant. The terms include providing quarterly and annual statements as well as an audit opinion
Introduction of client situation
Seeking auditor's help
Team meeting
Determining relevant assertions
Creating risk assessments
Assessing internal controls
The owner of a grocery store has entered a debt covenant with the bank to [insert reason]
There are no threats to independence so audit company accepts the client and requests the necessary reports
Team leader introduces client to the audit team. They discuss and allocate the roles of each person and schedule a Zoom team meeting to meet back and report their findings
Team member A is analyzing the completeness classification of client's reports and obligations of client. Shechecks for debt mistakes (classifications) and the directional risk for debt (understatement/completeness).
Team member B inspects client's documents to identify risks and sample debt related reports to ensure there has been no violation to debt covenant. She alsoassesses for debt related fraud.
Team leader later visits client's business to assess internal controls and identify any control deficiencies.
Assessment procedures for _ grocery store
I think the client may have understated their debts and overstate equity
Are there any debt covenant violations?
Do you have any internal controls in place? E.g. cameras, lock on cash register, segregation of duties, etc.
I entered a debt covenant with the bank late last year and need an audit opinion for this financial year
Sure, for now I would need a copy of the terms of your debt covenant, your financial statements, etc.
We will approve of your loan if you sign this debt covenant. The terms include providing quarterly and annual statements as well as an audit opinion
Introduction of client situation
Seeking auditor's help
Team meeting
Determining relevant assertions
Creating risk assessments
Assessing internal controls
The owner of a grocery store has entered a debt covenant with the bank to [insert reason]
There are no threats to independence so audit company accepts the client and requests the necessary reports
Team leader introduces client to the audit team. They discuss and allocate the roles of each person and schedule a Zoom team meeting to meet back and report their findings
Team member A is analyzing the completeness classification of client's reports and obligations of client. Shechecks for debt mistakes (classifications) and the directional risk for debt (understatement/completeness).
Team member B inspects client's documents to identify risks and sample debt related reports to ensure there has been no violation to debt covenant. She alsoassesses for debt related fraud.
Team leader later visits client's business to assess internal controls and identify any control deficiencies.
Assessment procedures for _ grocery store
I think the client may have understated their debts and overstate equity
Are there any debt covenant violations?
Do you have any internal controls in place? E.g. cameras, lock on cash register, segregation of duties, etc.
I entered a debt covenant with the bank late last year and need an audit opinion for this financial year
Sure, for now I would need a copy of the terms of your debt covenant, your financial statements, etc.
We will approve of your loan if you sign this debt covenant. The terms include providing quarterly and annual statements as well as an audit opinion