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tender document- mentions responsibilities of management and auditor?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › tender document- mentions responsibilities of management and auditor?

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • October 20, 2021 at 9:44 am #638578
    Noah098
    Member
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    ma’am does a tender document include the details of responsibilities of management and auditor? and identifies regulatory framework?

    or that is ONLY included in engagement letter?

    October 20, 2021 at 3:08 pm #638599
    Kim Smith
    Keymaster
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    • ☆☆☆☆☆

    The contents of an engagement letter are prescribed by ISA 210. There are no ISAs governing the contents of a tender – the company will specify in the “invitation to tender” (ITT) according to best practice, custom, etc. Since it is only going to be a large company that puts its audit “out to tender”, it seems unlikely that management would need to be advised of the respective responsibilities of management/auditor. It might be appropriate, however, if there is anything in the ITT that suggests that management has any misconceptions in this area.

    In a similar vein – unless there could be any doubt about which legislation, financial reporting or auditing standards apply, these might be mentioned only in passing.

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