Dec 2018 Q1(d)

This topic has 3 replies, 2 voices, and was last updated 5 years ago by Kim Smith.

Viewing 4 posts - 1 through 4 (of 4 total)

Author
Posts
August 18, 2020 at 9:05 am #581005
toushiga
Participant
- Topics: 424
- Replies: 171
Q1(d)
Competence and resources
“We should clarify whether the bank manager expects any work to be performed and conclusion drawn on the cash flow and profit forecast”
Does it mean the other engagement involved for PFI? Or part of the audit / review engagement?
August 18, 2020 at 12:36 pm #581037
Kim Smith
Keymaster
- Topics: 138
- Replies: 8463
If required, this would be in addition to an audit or limited review of financial statements.
August 18, 2020 at 12:46 pm #581039
toushiga
Participant
- Topics: 424
- Replies: 171
So will it require separate engagement letter to be sent out for the additional work on the cash flow and profit forecast?
August 18, 2020 at 1:12 pm #581040
Kim Smith
Keymaster
- Topics: 138
- Replies: 8463
Yes – also consider that an audit/limited review engagement would (most likely) be recurring – so it would not have to be reissued every year – whereas anything like DD/PFI is a one-off.
Author
Posts

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.