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Audit strategy= Engagement letter content?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit strategy= Engagement letter content?

  • This topic has 2 replies, 2 voices, and was last updated 9 months ago by Kim Smith.
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  • April 19, 2022 at 11:31 am #653898
    Sourav9271
    Participant
    • Topics: 166
    • Replies: 118
    • ☆☆☆

    Sir ,
    Can it be said that the contents of engagement letter are the same content that appear in audit strategy?

    April 22, 2022 at 7:03 am #654249
    Sourav9271
    Participant
    • Topics: 166
    • Replies: 118
    • ☆☆☆

    Is the aforementioned sentence true?

    April 22, 2022 at 7:55 am #654253
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    Short answer – NO

    See page 47 of the notes – the engagement letter is the written contract between auditor and client – contents on page 48. Some contents of the engagement will be standardised (as for any legal document).

    The audit strategy is an internal document that will be unique to each audit client, setting out how the auditor’s objective (i.e. to express an opinion on the financial statements) will be achieved.

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