ISA 580, Written Representations

Size: px
Start display at page:

Download "ISA 580, Written Representations"

Transcription

1 Internatinal Auditing and Assurance Standards Bard Expsure Draft December 2006 Cmments are requested by April 30, 2007 Prpsed Revised and Redrafted Internatinal Standard n Auditing ISA 580, Written Representatins

2 REQUEST FOR COMMENTS The Internatinal Auditing and Assurance Standards Bard (IAASB), an independent standardsetting bdy within the Internatinal Federatin f Accuntants (IFAC), apprved the expsure draft, prpsed Internatinal Standard n Auditing (ISA) 580 (Revised and Redrafted), Written Representatins, fr publicatin in December The prpsed ISA may be mdified in light f cmments received befre being issued in final frm. Please submit yur cmments, preferably by , s that they will be received by April 30, All cmments will be cnsidered a matter f public recrd. Cmments shuld be addressed t: Executive Directr, Prfessinal Standards Internatinal Auditing and Assurance Standards Bard Internatinal Federatin f Accuntants 545 Fifth Avenue, 14 th Flr New Yrk, New Yrk USA respnses shuld be sent t: Edcmments@ifac.rg Cpies f the expsure drafts may be dwnladed free-f-charge frm the IFAC website at Cpyright December 2006 by the Internatinal Federatin f Accuntants. All rights reserved. Permissin is granted t make cpies f this wrk t achieve maximum expsure and feedback prvided that each cpy bears the fllwing credit line: Cpyright December 2006 by the Internatinal Federatin f Accuntants. All rights reserved. Used with permissin. 2

3 CONTENTS Page Explanatry Memrandum... 4 Intrductin... 4 Backgrund... 4 Significant Prpsals... 4 Effective Date... 6 Guide fr Respndents... 6 Expsure Draft Prpsed Internatinal Standard n Auditing (ISA) 580 (Revised and Redrafted), Written Representatins... 9 Prpsed Cnfrming Amendments

4 Intrductin EXPLANATORY MEMORANDUM This memrandum prvides backgrund t, and an explanatin f, the prpsed Internatinal Standard n Auditing (ISA) 580 (Revised and Redrafted), Written Representatins, apprved fr expsure by the Internatinal Auditing and Assurance Standards Bard (IAASB) in December Backgrund The IAASB cmmenced this prject in April 2004 in respnse t develpments that indicated a need t revise extant ISA 580, Management Representatins. These included cncerns that auditrs may be ver relying n written representatins. During the prject, the IAASB cnsidered matters such as the reasns fr btaining written representatins, the evidence that they prvide, and frm whm they shuld be requested. The IAASB believes that the prpsed revised ISA will enhance auditr perfrmance in an audit f financial statements thrugh mre stringent requirements and expanded guidance. Significant Prpsals Relevant Parties Diversity f the authrity r respnsibility f management and thse charged with gvernance acrss jurisdictins makes it difficult t establish universal identificatin f the persns frm whm the auditr shuld request written representatins. Furthermre, individuals ther than management r thse charged with gvernance may have specialized knwledge abut specific assertins in the financial statements. The prpsed revised ISA therefre requires the auditr t determine relevant parties frm whm written representatins (bth general and specific, see belw) shuld be requested. Relevant parties are t be requested t prvide the written representatins based n their knwledge and belief, having made apprpriate inquiries t be able t prvide such representatins. General Written Representatins The IAASB is f the view that an audit f financial statements in accrdance with the ISAs is based n the fundamental premises that management is respnsible fr (a) preparing and presenting the financial statements in accrdance with the applicable financial reprting framewrk; (b) designing, implementing and maintaining internal cntrl relevant t preparing and presenting financial statements that are free frm material misstatement, whether due t fraud r errr; and (c) the cmpleteness f infrmatin made available t the auditr. The IAASB acknwledges that legislatin, the applicable financial reprting framewrk, r custm may establish management s specific respnsibilities fr preparing and presenting the financial statements. Hwever, the extent f thse respnsibilities may differ acrss jurisdictins. The IAASB therefre prpses that ISA 200, Objective and General Principles Gverning an Audit f Financial Statements be amended t explain that ISAs are written, and audits are cnducted, based n the abvementined premises. 4

5 EXPLANATORY MEMORANDUM There is a risk that the premises may nt be understd by management r, where apprpriate, thse charged with gvernance. T avid misunderstanding, a prpsed cnfrming amendment t ISA 210, Terms f Audit Engagements requires the auditr t btain the acknwledgement and agreement f management and, where apprpriate, thse charged with gvernance that they understand the respnsibilities. The prpsed revised ISA requires the auditr t request relevant parties t prvide general written representatins abut the premises (see paragraphs 8-10.) Audit evidence btained during the audit may supprt r cntradict the validity f the premises; hwever, such evidence is nt sufficient withut btaining the general written representatins. This is because the auditr may nt be able t judge management s knwledge, judgments r intentins slely n ther audit evidence. When relevant parties d nt prvide the general representatins requested by the auditr, r where the auditr cncludes that such representatins are nt reliable, the IAASB is f the view that the auditr is unable t btain sufficient apprpriate audit evidence, and that the pssible effects n the financial statements f such inability are pervasive. The auditr therefre is required t disclaim an pinin n the financial statements in such circumstances. The prpsed revised ISA, hwever, explains that a general written representatin that has been mdified frm that requested by the auditr des nt necessarily mean that relevant parties did nt prvide the representatin. The reasn fr the mdificatin nevertheless may affect the pinin in the auditr s reprt. (See paragraph A19.) Specific Written Representatins Extant ISA 580 requires the auditr t btain written representatins n matters material t the financial statements when ther sufficient apprpriate audit evidence cannt reasnably be expected t exist. T avid ver reliance n written representatins, the prpsed revised ISA requires the auditr t btain written representatins regarding specific assertins in the financial statements ( specific written representatins ) when the auditr cnsiders it necessary t crrbrate ther audit evidence. These specific written representatins are in additin t thse required in accrdance with the ther ISAs. Specific written representatins are particularly relevant in relatin t assertins that invlve judgment r intent, r that may nt be cmplete. They d nt cnstitute sufficient apprpriate audit evidence by themselves and, accrdingly, they d nt relieve the auditr f the respnsibility t btain ther audit evidence. When relevant parties d nt prvide specific written representatins requested by the auditr, the IAASB is f the view that it cnstitutes a scpe limitatin. Where this is the case, the auditr is required t cnsider the effect theref n the pinin in the auditr s reprt. Threshld Amunt The IAASB is f the view that, in sme circumstances, the auditr may decide that it wuld be mre effective if the written representatins were limited t matters abve threshld amunts established by the auditr fr the purpses f such representatins, having given effect t the pssibility f immaterial matters aggregating t becme material. The prpsed revised ISA therefre prvides guidance in this regard, indicating that the auditr may cnsider agreeing the threshld amunts with relevant parties. (See paragraph A16.) 5

6 EXPLANATORY MEMORANDUM Effective Date The IAASB will determine the effective date f the final ISA after cnsidering the cmments received n expsure. It is nt envisaged that this date will be earlier than December 15, Guide fr Respndents The IAASB welcmes cmments n the prpsed revised ISA. Apart frm the request fr specific cmments set ut belw, the IAASB is seeking cmments n all matters addressed in the expsure draft. Cmments are mst helpful when they refer t specific paragraphs, include the reasns fr the cmments and, where apprpriate, make specific suggestins fr any prpsed changes t wrding. When a respndent agrees with prpsals in this expsure draft (especially thse calling fr change in current practice), it will be helpful fr the IAASB t be made aware f this view. Request fr Specific Cmments General Written Representatins Regarding the Financial Statements and Internal Cntrl In apprving the prpsed revised ISA fr public cmment, sme IAASB members were cncerned abut the details f the general written representatins regarding the financial statements. In particular, they were cncerned abut the third bullet f paragraph 8, which requires relevant parties t state whether specific matters, where relevant in view f the applicable financial reprting framewrk, have been recgnized, measured r disclsed in accrdance with that framewrk. They suggested that the sub-bullets be mved t the applicatin material. The majrity f the IAASB tk the view that the detailed elements f the representatin were required in rder t reinfrce the implicatins f the verall representatin abut the preparatin f the financial statements in accrdance with the applicable financial reprting framewrk. Retaining these details wuld help t avid misunderstanding, and thereby imprve the quality f the representatin received. Questin 1: Respndents are asked fr their views n this matter. All IAASB members agreed that relevant parties shuld be requested t cnfirm that they acknwledge and understand their respnsibility fr designing, implementing and maintaining internal cntrl relevant t preparing and presenting financial statements that are free frm material misstatement (see paragraph 9). Sme IAASB members, hwever, were cncerned abut requesting relevant parties t cnfirm whether they believe that the internal cntrl they have maintained is adequate fr that purpse (see paragraph 9). They were f the view that the requirement will be interpreted as requiring relevant parties t assess the effectiveness f internal cntrl. The majrity f IAASB members, hwever, argued that it is imprtant that relevant parties nt nly acknwledge and understand their respnsibility fr internal cntrl, but als cnfirm whether they believe that the internal cntrl is adequate t supprt the preparatin and presentatin f the financial statements. Withut this, there wuld be the pssibility that thse respnsible might acknwledge their respnsibilities but be aware f shrtcmings in the internal cntrl that may be relevant t the financial statements withut infrming the auditr. The representatin is based n relevant parties knwledge and belief, having made apprpriate inquiries t be able t prvide such representatin (see paragraph 6). It is nt envisaged that such inquiries will entail a cmprehensive assessment f the effectiveness f internal cntrl. 6

7 EXPLANATORY MEMORANDUM Questin 2: Respndents are asked t cmment n the requirement fr the auditr t request relevant parties t cnfirm whether they believe that the internal cntrl they have maintained is adequate fr preparing and presenting financial statements that are free frm material misstatement. Disclaimer f Opinin when General Written Representatins are Nt Obtained Sme IAASB members were cncerned abut the requirement in paragraph 19 fr the auditr t disclaim an pinin n the financial statements when relevant parties d nt prvide the general written representatins abut the premises, relating t management s respnsibilities, n which an audit is cnducted (see paragraph 8-10). Their cncern was that this did nt give scpe fr the auditr t judge the seriusness f the matter, particularly as the requirement wuld be triggered by a failure t prvide ne f the detailed elements f the representatin (see questin 1 abve). The majrity f IAASB members, hwever, were f the view that a failure t prvide a specific element f the written representatin wuld undermine the validity f the general written representatin itself. If relevant persns had a cncern abut ne r mre aspects f the requested written representatins it wuld be pen t them t mdify such representatins apprpriately t reflect this. In thse circumstances the auditr wuld be required t use judgment t evaluate the effect f the mdified written representatins. Paragraph A19 was added t explain hw written representatins that have been mdified frm thse requested by the auditr may affect the audit and the audit pinin. Questin 3: Respndents are asked t cmment n the requirement in paragraph 19 fr the auditr t disclaim an pinin n the financial statements when relevant parties d nt prvide the general written representatins abut the premises, relating t management s respnsibilities, n which an audit is cnducted. Date f the Written Representatins In accrdance with paragraph 11, the general written representatins shuld be as f the same date as the auditr s reprt n the financial statements. Paragraph 13 requires the auditr t determine whether it is necessary t request relevant parties t prvide an updated specific written representatin when the specific written representatin is as f a date earlier than that f the auditr s reprt n the financial statements. An IAASB member is f the view that the requirement in paragraph 11 may nt be practical and that the date f the general written representatins shuld be the same date as the apprval f the financial statements. Questin 4: Respndents are asked t cmment n the date f the general written representatins. Objective and Requirements The prpsed revised ISA has been drafted in accrdance with the clarity drafting cnventins. Questin 5: Respndents are asked t cnsider whether the bjective fr the prpsed revised ISA is apprpriate, and whether the prpsed requirements are apprpriate respnses t that bjective. 7

8 EXPLANATORY MEMORANDUM Cmments n Other Matters Recgnizing that the prpsed revised ISA will apply t audits f all sizes and in all sectrs f the ecnmy, the IAASB is als interested in cmments n matters set ut belw. Special Cnsideratins in the Audit f Small Entities Respndents are asked t cmment n whether, in their pinin, cnsideratins in the audit f small entities have been dealt with apprpriately in the prpsed revised ISA. Reasns shuld be prvided if nt in agreement, as well as suggestins fr alternative r additinal guidance. Special Cnsideratins in the Audit f Public Sectr Entities A representative f the Financial Audit Guidelines Subcmmittee f the Internatinal Organizatin f Supreme Audit Institutins participated in the develpment f the expsure draft. Respndents are asked t cmment n whether, in their pinin, special cnsideratins in the audit f public sectr entities have been dealt with apprpriately in the prpsed revised ISA. Reasns shuld be prvided if nt in agreement, as well as suggestins fr alternative r additinal guidance. Develping Natins Recgnizing that many develping natins have adpted r are in the prcess f adpting the ISAs, the IAASB invites respndents frm these natins t cmment, in particular, n any freseeable difficulties in applying the prpsed revised ISA in a develping natin envirnment. Reasns shuld be prvided, as well as suggestins fr alternative r additinal guidance. Translatins The IAASB welcmes cmment frm respndents n ptential translatin issues nted in reviewing the prpsed revised ISA. 8

9 PROPOSED INTERNATIONAL STANDARD ON AUDITING 580 (REVISED AND REDRAFTED) WRITTEN REPRESENTATIONS (Effective fr audits f financial statements fr perids beginning n r after [date]) CONTENTS Paragraph Intrductin Scpe f this ISA... 1 Effective Date... 2 Objective... 3 Definitins... 4 Requirements Relevant Parties General Written Representatins Specific Written Representatins Evaluating the Reliability f Written Representatins When Relevant Parties D Nt Prvide Requested Written Representatins Dcumentatin Applicatin and Other Explanatry Material Relevant Parties... A1-A3 General Written Representatins... A4-A11 Specific Written Representatins... A12-A14 Date f Written Representatins... A15 Threshld Amunts... A16 Evaluating the Reliability f Written Representatins... A17-A19 Appendix 1: List f ISAs Cntaining Requirements fr Written Representatins Appendix 2: Illustrative Representatin Letter See ftnte 1. 9

10 Internatinal Standard n Auditing (ISA) 580 (Revised and Redrafted), Written Representatins shuld be read in the cntext f the Preface t the Internatinal Standards n Quality Cntrl, Auditing, Review, Other Assurance and Related Services, which sets ut the authrity f ISAs. 10

11 Intrductin Scpe f this ISA 1. This Internatinal Standard n Auditing (ISA) deals with the auditr s respnsibility t request written representatins, and the auditr s actins when relevant parties d nt prvide the requested written representatins, r when the auditr cncludes that such written representatins are nt reliable. Appendix 1 lists ther ISAs cntaining requirements and guidance fr written representatins. Thse requirements d nt limit the applicatin f this ISA. Effective Date 2. This ISA is effective fr audits f financial statements fr perids beginning n r after [date]. 1 Objective 3. The bjective f the auditr is t crrbrate, by means f written representatins: (a) The validity f the premises, relating t management s respnsibilities, n which an audit is cnducted; 2 and (b) Other audit evidence btained with regard t specific assertins in the financial statements. Definitins 4. Fr purpses f the ISAs, the fllwing terms have the meanings attributed belw: (a) Written representatins Written statements prvided by relevant parties frm within the entity t the auditr at the auditr s request. Written representatins are either general r specific. Written representatins in the cntext f this ISA d nt include financial statements, the assertins therein, and supprting bks and recrds. (b) General written representatins Written representatins regarding the premises, relating t management s respnsibilities, n which an audit is cnducted. (c) Specific written representatins Written representatins regarding specific assertins in the financial statements. (d) Relevant parties Parties respnsible fr preparing and presenting the financial statements and assertins therein. Regarding specific assertins, relevant parties may als include individuals wh have specialized knwledge abut thse specific 1 2 This effective date will nt be earlier than December 15, The term management has been used in this ISA t describe thse respnsible fr preparing and presenting the financial statements. Other terms may be apprpriate depending n the legal framewrk in the particular jurisdictin. 11

12 (e) assertins and are part f the prcess fllwed in preparing and presenting the financial statements and assertins therein. (Ref: Para. A1-A2) The premises, relating t management s respnsibilities, n which an audit is cnducted Thse respnsibilities f management and, where apprpriate, thse charged with gvernance that are fundamental t the cnduct f an audit in accrdance with the ISAs. They are explained in ISA 200, Objective and General Principles Gverning an Audit f Financial Statements. Requirements Relevant Parties 5. The auditr shall determine the relevant parties frm whm general and specific written representatins shall be requested. (Ref: Para. A1-A3) 6. The auditr shall request that relevant parties prvide written representatins based n relevant parties knwledge and belief, having made apprpriate inquiries fr them t be able t prvide such representatins. General Written Representatins 7. The auditr shall request relevant parties t prvide the general written representatins abut the financial statements, including internal cntrl, and the cmpleteness f infrmatin made available t the auditr set ut in paragraphs 8-10 fr all financial statements and perids cvered by the auditr s reprt. Such general written representatins prvide necessary audit evidence abut the validity f the premises, relating t management s respnsibilities, n which an audit is cnducted. Hwever, by themselves, they d nt cnstitute sufficient apprpriate audit evidence abut the validity f the premises. Accrdingly, they d nt relieve the auditr f the respnsibility t btain ther audit evidence. (Ref: Para. A4-A11, A16) Financial Statements 8. The auditr shall request relevant parties t prvide written representatins that they acknwledge and understand their respnsibility fr preparing and presenting the financial statements, and whether they believe that the financial statements are prepared in accrdance with the applicable financial reprting framewrk (r are fairly presented in accrdance with the applicable financial reprting framewrk, when that framewrk is a fair presentatin framewrk). The representatins shall include: Whether the selectin and applicatin f accunting plicies are apprpriate; Whether all transactins have been recrded; and Whether the fllwing matters, where relevant in view f the applicable financial reprting framewrk, have been recgnized, measured r disclsed in accrdance with that framewrk: Plans r intentins that may affect the carrying value r classificatin f assets and liabilities; 12

13 Liabilities, bth actual and cntingent; Title t r cntrl ver assets, and the liens r encumbrances n assets, and assets pledged as cllateral; Aspects f cntractual agreements that may affect the financial statements, including nncmpliance; and Events subsequent t the perid end. Internal Cntrl 9. The auditr shall request relevant parties t prvide a written representatin that they acknwledge and understand their respnsibility fr designing, implementing and maintaining internal cntrl relevant t preparing and presenting financial statements that are free frm material misstatement, whether due t fraud r errr, and whether they believe that the internal cntrl they have maintained is adequate fr that purpse. Cmpleteness f Infrmatin 10. The auditr shall request relevant parties t prvide a written representatin whether they believe that all recrds, dcumentatin, unusual matters f which they are aware, and ther infrmatin relevant t the audit have been made available t the auditr. Frm and Date f General Written Representatins 11. The general written representatins shall be in the frm f a representatin letter addressed t the auditr. The general written representatins shall be as f the same date as the auditr s reprt n the financial statements. (Ref: Para. A15) Specific Written Representatins 12. Other ISAs cntain requirements fr specific written representatins. In additin t thse, a specific written representatin may be necessary t crrbrate ther audit evidence, particularly where judgment, intent r cmpleteness is invlved. The auditr shall determine whether specific written representatins relating t specific assertins in the financial statements are necessary. Such specific written representatins d nt cnstitute sufficient apprpriate audit evidence by themselves. Accrdingly, they d nt relieve the auditr f the respnsibility t btain ther audit evidence. (Ref: Para. A12-A14, A16) 13. The auditr shall determine whether it is necessary t request relevant parties t prvide an updated specific written representatin when the specific written representatin is as f a date earlier than that f the auditr s reprt n the financial statements. (Ref: Para. A15) Evaluating the Reliability f Written Representatins 14. Circumstances such as the fllwing may cause the auditr t dubt the reliability f ne r mre written representatins: One r mre written representatins are incnsistent with ther audit evidence; r 13

14 The auditr has identified significant issues related t management s cmmitment t cmpetence, cmmunicatin and enfrcement f integrity and ethical values, r diligence. 15. When a written representatin is incnsistent with ther audit evidence, the auditr shall determine the reasns fr the incnsistency. When the auditr s dubt remains unreslved, the auditr shall recnsider the reliability f ther written representatins and take apprpriate actin. (Ref: Para. A17) 16. When the auditr has identified significant issues related t management s cmmitment t cmpetence, cmmunicatin and enfrcement f integrity and ethical values, r diligence, the auditr shall assess the effect f these issues n the reliability f written representatins and take apprpriate actin. (Ref: Para. A18) 17. When the auditr cncludes that the general written representatins abut the financial statements, including internal cntrl, r the cmpleteness f infrmatin made available t the auditr (see paragraphs 8-10) are nt reliable, the premises, relating t management s respnsibilities, n which an audit is cnducted are nt valid, and the auditr shall fllw the requirement in paragraph 19. When Relevant Parties D Nt Prvide Requested Written Representatins 18. When relevant parties d nt prvide the general r specific written representatins requested by the auditr, the auditr shall (a) ask fr the reasns; (b) recnsider the assessment f the integrity f management and, where apprpriate, thse charged with gvernance; and (c) take apprpriate actins, including determining the pssible effects n the pinin in the auditr s reprt, having regard t the requirements in paragraphs (Ref: Para. A19) 19. When relevant parties d nt prvide the general written representatins abut the premises, relating t management s respnsibilities, n which an audit is cnducted (see paragraphs 8-10) (r the auditr cncludes that such general written representatins are unreliable (see paragraph 17)), the auditr is unable t btain sufficient apprpriate audit evidence. The pssible effects n the financial statements f such inability are pervasive. Therefre, in accrdance with ISA 705, Mdificatins t the Opinin in the Independent Auditr s Reprt, the auditr shall disclaim an pinin n the financial statements. 20. When relevant parties d nt prvide specific written representatins requested by the auditr, it cnstitutes a scpe limitatin. Where this is the case, the auditr shall cnsider the effect n the pinin in the auditr s reprt in accrdance with ISA 705. Dcumentatin 21. Where an identified significant issue related t management s cmmitment t cmpetence, cmmunicatin and enfrcement f integrity and ethical values, r diligence exists (see paragraph 16), but the auditr cncludes that a written representatin is nevertheless reliable, the auditr shall dcument the reasns fr the cnclusin. *** 14

15 Applicatin and Other Explanatry Material Relevant Parties (Ref: Para. 4(d), 5) A1. T identify relevant parties frm whm general written representatins are t be requested, it is imprtant t cnsider the gvernance structure f the entity, relevant legislatin, and circumstances f the engagement. Ordinarily, management is the party respnsible fr preparing and presenting the financial statements and the assertins therein. Relevant parties therefre include the entity s chief executive fficer and chief financial fficer r ther equivalent persns in entities that d nt use such titles. In sme circumstances, hwever, ther individuals r bdies, such as thse charged with gvernance, are als respnsible. A2. The auditr applies prfessinal judgment in identifying relevant parties frm whm specific written representatins are t be requested. The auditr may identify individuals ther than thse described in paragraph A1 wh have specialized knwledge relating t specific assertins in the financial statements and are part f the prcess fllwed in preparing and presenting the financial statements and assertins therein. Fr example: An entity may emply an actuary wh has respnsibility fr and specialized knwledge abut actuarially determined accunting measurements. Staff engineers may have respnsibility fr and specialized knwledge abut envirnmental liability measurements. Internal cunsel may prvide infrmatin essential t prvisins fr legal claims. A3. Where uncertainty exists as t the identity f relevant parties, it may be necessary fr the auditr t agree with the engaging party, prir t accepting the engagement, wh the relevant parties are. This is discussed in ISA 210, Terms f Audit Engagements. General Written Representatins (Ref: Para. 7-11) A4. Legislatin, the applicable financial reprting framewrk, r custm may establish management s respnsibility fr preparing and presenting the financial statements and fr the assertins therein. Hwever, the extent f this respnsibility may differ acrss jurisdictins. Despite these differences, an audit in accrdance with the ISAs is cnducted n the premises that management is respnsible fr: preparing and presenting the financial statements in accrdance with the applicable financial reprting framewrk; designing, implementing and maintaining internal cntrl relevant t preparing and presenting financial statements that are free frm material misstatement, whether due t fraud r errr; and the cmpleteness f infrmatin made available t the auditr. Audit evidence btained during the audit may supprt r cntradict the validity f these premises Hwever, such evidence is nt sufficient withut btaining the general written representatins described in paragraphs This is because the auditr may nt be able t judge relevant parties knwledge, judgments r intentins based n ther audit evidence. Fr example, an auditr culd nt cnclude that all relevant infrmatin has been made available withut asking whether all such infrmatin had been made available. 15

16 A5. The expressin f relevant parties respnsibilities in law and their signing f the financial statements d nt, by themselves, prvide sufficient ther audit evidence, r serve as a substitute fr the written representatins required by the ISAs. A6. Requesting representatins abut imprtant matters is an effective auditing prcedure fr a number f reasns. When relevant parties d nt prvide the representatins requested by the auditr, it may alert the auditr t pssibly significant issues. Further, the requirement t make written, rather than ral, representatins is likely t cause the relevant parties t pay greater attentin t such matters. Having t make the general written representatins reinfrces relevant parties respnsibilities in relatin t the financial statements and the audit, and prmpts them t cnsider specific issues mre thughtfully. Obtaining a representatin letter may be particularly useful where there is a need t clarify the relevant parties understanding f the premises, relating t management s respnsibilities, n which an audit is cnducted. A7. The general written representatins relating t relevant parties respnsibility fr (a) designing, implementing and maintaining internal cntrl relevant t preparing and presenting financial statements that are free frm material misstatement, whether due t fraud r errr, and (b) the cmpleteness f infrmatin made available t the auditr, are relevant fr all audits. Hwever, sme general representatins relating t relevant parties respnsibility fr preparing and presenting the financial statements in accrdance with the applicable financial reprting framewrk may nt always be relevant. Fr example, written representatins relating t liabilities may nt be necessary where the financial statements were prepared and presented n a cash basis in accrdance with the applicable financial reprting framewrk. A8. All perids cvered by the auditr s reprt n the financial statements need t be cvered by the general written representatins and specific written representatins because relevant parties need t reaffirm that the representatins they previusly made with respect t prir perids remain apprpriate. The auditr and relevant parties may agree t a frm f representatin letter that updates previus representatins by addressing whether there are any changes t such representatins and, if s, what they are. A9. Situatins may arise where relevant parties wh were in place during the perid being audited are nt in place at the time the written representatins are requested by the auditr. Relevant parties, wh were nt in place during the perid being audited, may assert that they are nt in a psitin t prvide sme r all f the representatins requested by the auditr; hwever, this fact des nt diminish their respnsibilities. Accrdingly, the auditr s respnsibility t btain written representatins frm them is nt affected. A10. [Prpsed] ISA 260 (Revised and Redrafted), Cmmunicatin with Thse Charged with Gvernance requires the auditr t cmmunicate with thse charged with gvernance the representatins the auditr requested frm relevant parties. In sme circumstances, it may be apprpriate fr the auditr t request that the representatin letter als be agreed by thse charged with gvernance t ensure that all thse charged with gvernance agree with the written representatins that the auditr cnsiders essential t frming an pinin n the financial statements. 16

17 Cnsideratins Specific t Public Sectr Entities A11. The mandates fr audits f the financial statements f public sectr entities may be brader than thse f ther entities. As a result, the bjectives f an audit f the financial statements f a public sectr entity may give rise t additinal general written representatins. These may include representatins acknwledging ecnmy, efficiency and effectiveness f prgrams, prjects and ther activities, r that transactins and events have been carried ut in accrdance with legislatin r prper authrity. Specific Written Representatins (Ref: Para. 12) A12. A specific written representatin may be necessary t crrbrate ther audit evidence; in particular, where judgment, intent r cmpleteness is invlved. Fr example, when auditing the valuatin f investments where management s intent is crucial t the accunting treatment, it may nt be pssible t btain sufficient apprpriate audit evidence withut a specific written representatin frm relevant parties in relatin t their intentins. A13. Evaluating judgment r intent is inherently subjective, and therefre uncertain. In sme cases, the auditr may btain audit evidence supprting, r which is incnsistent with, relevant parties assertins by cnsidering matters directly r indirectly linked t the assertin. When evaluating relevant parties judgments and intentins the auditr may cnsider ne r mre f the fllwing: The entity s past histry in carrying ut its stated intentins. The entity s reasns fr chsing a particular curse f actin. The entity s ability t pursue a specific curse f actin. The existence r lack f any ther infrmatin that might have been btained during the curse f the audit that may be incnsistent with management s judgment r intent. A14. A specific written representatin des nt prvide sufficient apprpriate audit evidence by itself. Fr example, a written respnse t a specific inquiry in relatin t the cst f an asset is nt a substitute fr the audit evidence in relatin t such cst that the auditr wuld rdinarily expect t btain. Furthermre, audit evidence is influenced by its surce and nature. Fr example, where the surce f a specific written representatin is nt independent frm the entity. Date f Written Representatins (Ref: Para. 11, 13) A15. Because the auditr is cncerned with events ccurring up t the date f the auditr s reprt that may require adjustment t r disclsure in the financial statements, the general written representatins are made as f the date f the auditr s reprt. Hwever, in sme circumstances it may be apprpriate fr the auditr t btain a specific written representatin during the curse f the audit. Where this is the case, it may be necessary t request relevant parties t prvide an updated specific written representatin. 17

18 Threshld Amunts (Ref: Para. 7, 12) A16. In sme circumstances, the auditr may decide that it wuld be mre effective if general and specific written representatins were limited t matters abve threshld amunts established by the auditr fr the purpses f such representatins, having given effect t the pssibility f immaterial matters aggregating t becme material. Accrdingly, any such threshld amunt will be relatively small in relatin t materiality. Fr this purpse, the auditr may cnsider agreeing n the threshld amunts with relevant parties. Threshld amunts may vary with different written representatins. It may nt be apprpriate t subject sme matters t a threshld amunt. Fr example it may nt be apprpriate t limit representatins t a threshld amunt abut the respnsibilities f relevant parties r matters related t fraud because f qualitative cnsideratins. Evaluating the Reliability f Written Representatins (Ref: Para 15-16) A17. The apprpriate actin t be taken in relatin t identified incnsistencies may include cnsidering whether the auditr s risk assessment remains apprpriate and, if nt, revising the risk assessment and determining the nature, timing and extent f further audit prcedures t respnd t the assessed risks. It may als include the actins referred t in paragraph A18 belw. A18. In the event that the auditr identifies issues related t management s cmmitment t cmpetence, cmmunicatin and enfrcement f integrity and ethical values, r diligence, apprpriate actin may include discussing the matter with thse charged with gvernance and, where pssible, withdrawing frm the engagement unless thse charged with gvernance put in place apprpriate crrective measures. Such actin may nt be sufficient, hwever, t enable the auditr t issue an unmdified audit pinin. A19. A written representatin that has been mdified frm that requested by the auditr des nt necessarily mean that relevant parties did nt prvide the written representatin. Hwever, such mdificatin may affect the pinin in the auditr s reprt. Fr example: The general written representatin relating t the financial statements may state that relevant parties believe that, except fr material nncmpliance with a particular requirement f the applicable financial reprting framewrk, the financial statements are prepared in accrdance with that framewrk. The requirement in paragraph 19 des nt apply because the auditr cncluded that relevant parties have prvided reliable general written representatins. Hwever, the auditr cnsiders the effect f the nncmpliance n the pinin in the auditr s reprt in accrdance with ISA 705. The general written representatin relating t internal cntrl may state that relevant parties believe that, except fr internal cntrl ver a particular accunt balance, it has maintained internal cntrl adequate fr preparing and presenting financial statements that are free frm material misstatement, whether due t fraud r errr. The requirement in paragraph 19 des nt apply because the auditr cncluded that relevant parties have prvided reliable general written representatins. Furthermre, the auditr may be able t btain sufficient apprpriate ther audit evidence in relatin t that accunt balance and, as a result, the statement in the general representatin may nt affect the pinin in the auditr s reprt. Hwever, the 18

19 auditr cnsiders whether a material weakness in internal cntrl existed and the effect theref n the audit. The general written representatin relating t cmpleteness f infrmatin made available t the auditr may state that relevant parties believe that, except fr infrmatin destryed in a fire, all recrds, dcumentatin, unusual matters f which they are aware, and ther infrmatin relevant t the audit have been made available t the auditr. The requirement in paragraph 19 des nt apply because the auditr cncluded that relevant parties have prvided reliable general written representatins. The auditr cnsiders the effects f the pervasiveness f the infrmatin destryed in the fire n the financial statements and the effect theref n the pinin in the auditr s reprt in accrdance with ISA 705. Depending n the pervasiveness f the effects, the auditr may disclaim an pinin. 19

20 Appendix 1 (Ref: Para. 1) List f ISAs Cntaining Requirements fr Written Representatins ISA 240 (Redrafted), The Auditr s Respnsibilities Relating t Fraud in an Audit f Financial Statement paragraph 39 ISA 250, Cnsideratin f Laws and Regulatins paragraph 23 [Prpsed] ISA 450 (Redrafted), Evaluatin f Misstatements Identified during the Audit paragraph 16 [Prpsed] ISA 540 (Revised and Redrafted) (Cmbined ISA ), Auditing Accunting Estimates, Including Fair Value Accunting Estimates, and Related Disclsures paragraph 20 [Prpsed] ISA 550 (Revised and Redrafted), Related Parties paragraph 24 ISA 570, Ging Cncern paragraph 26(c) 20

21 Appendix 2 Illustrative Representatin Letter The fllwing illustrative letter includes written representatins (sme f which are specific written representatins) that are required by this and ther ISAs in effect as f [date]. It is assumed in this example that the requirement f ISA 570, Ging Cncern t btain a written representatin is nt relevant and that there are n exceptins t the representatins requested by the auditr. If there were exceptins, the representatins wuld need t be mdified t reflect the exceptins as discussed in paragraph A19. Where the auditr determines that ne r mre additinal specific written representatins are sufficiently imprtant, the auditr may cnclude that the inclusin theref in the representatin letter is apprpriate. Althugh such inclusin f specific written representatins n a variety f matters may serve t fcus relevant parties attentin n thse matters, and thus cause the relevant parties t specifically address thse matters in mre detail than wuld therwise be the case, the auditr needs t be aware f the limitatins f specific written representatins as audit evidence as set ut in this ISA. (T Auditr) (Entity Letterhead) (Date) This representatin letter is prvided in cnnectin with yur audit f the financial statements f ABC Cmpany fr the year ended December 31, 20XX 3 fr the purpse f expressing an pinin as t whether the financial statements [give a true and fair view][are presented fairly, in all material respects,] in accrdance with [specify the applicable financial reprting framewrk]. We cnfirm, t the best f ur knwledge and belief, having made apprpriate inquiries t be able t prvide ur representatins, that: Financial Statements We acknwledge and understand ur respnsibility fr preparing and presenting the financial statements and believe that the financial statements are prepared in accrdance with [specify the applicable financial reprting framewrk] (r are fairly presented in accrdance with [specify the applicable financial reprting framewrk]), including the fllwing: Our selectin and applicatin f accunting plicies is apprpriate. All plans r intentins that may materially alter the carrying value r classificatin f assets and liabilities in the financial statements have been accunted fr r disclsed in accrdance with the applicable financial reprting framewrk. 3 Where the auditr reprts n mre than ne perid, the auditr adjusts the date s that the letter pertains t all perids cvered by the auditr s reprt. 21

22 All liabilities, bth actual and cntingent, have been recrded and, where apprpriate, disclsed in accrdance with the applicable financial reprting framewrk. The entity has satisfactry title t, r cntrl ver, all assets disclsed in the financial statements and, where apprpriate, all liens r encumbrances n these assets have been disclsed in accrdance with the applicable financial reprting framewrk. We have cmplied with the aspects f cntractual agreements that culd have a material effect n the financial statements and instances f nncmpliance have been disclsed in accrdance with the applicable financial reprting framewrk. All transactins have been recrded. Significant assumptins used by us in making accunting estimates, including thse measured at fair value, are reasnable. ([Prpsed] ISA 540 (Revised and Redrafted) (Cmbined ISA )) All events subsequent t the year end fr which the applicable financial reprting framewrk requires adjustment r disclsure have been adjusted r disclsed. [A written representatin with regard t related party transactins and the effects f related party relatinships will be inserted when prpsed ISA 550 (Revised and Redrafted) is finalized.] [A written representatin with regard t related party disclsures in the financial statements will be inserted when prpsed ISA 550 (Revised and Redrafted) is finalized.] The effects f uncrrected misstatements are immaterial, bth individually and in the aggregate, t the financial statements as a whle. A list f the uncrrected misstatements is attached t the representatin letter. ([Prpsed] ISA 450 (Redrafted)) Internal Cntrl We acknwledge and understand ur respnsibility fr the design, implementatin and maintenance f internal cntrl relevant t the preparatin and presentatin f financial statements that are free frm material misstatement, whether due t fraud r errr, and believe that the internal cntrl we have maintained is adequate fr that purpse. Cmpleteness f Infrmatin All recrds, dcumentatin, unusual matters f which management is aware, and ther infrmatin relevant t the audit have been made available t yu. We have disclsed t yu the results f ur assessment f the risk that the financial statements may be materially misstated as a result f fraud. (ISA 240 (Redrafted)) We have disclsed t yu all infrmatin in relatin t fraud r suspected fraud that we are aware f and that affects the entity and invlves: Management; Emplyees wh have significant rles in internal cntrl; r Others where the fraud culd have a material effect n the financial statements. (ISA 240 (Redrafted)) 22

23 We have disclsed t yu all infrmatin in relatin t allegatins f fraud, r suspected fraud, affecting the entity s financial statements cmmunicated by emplyees, frmer emplyees, analysts, regulatrs r thers. (ISA 240 (Redrafted)) We have disclsed t yu all knwn actual r pssible nncmpliance with laws and regulatins whse effects shuld be cnsidered when preparing financial statements. (ISA 250) [A written representatin with regard t the cmpleteness f related parties, related party relatinships and related party transactins will be inserted when prpsed ISA 550 (Revised and Redrafted) is finalized.] (Relevant Party) (Relevant Party) 23

24 PROPOSED CONFORMING AMENDMENTS ISA 200, Objective and General Principles Gverning an Audit f Financial Statements 33a. ISAs are written, and audits are cnducted, n the premises that management and, where apprpriate, thse charged with gvernance: Acknwledge and understand their respnsibility fr preparing and presenting the financial statements in accrdance with the applicable financial reprting framewrk; Acknwledge and understand their respnsibility fr designing, implementing and maintaining internal cntrl relevant t the preparatin and presentatin f financial statements that are free frm material misstatement, whether due t fraud r errr; and Will prvide cmplete infrmatin t the auditr. ISA 210, Terms f Audit Engagements Agreement n Written Representatins 5a. The auditr shuld btain the acknwledgement and agreement f management and, where apprpriate, thse charged with gvernance that they understand their respnsibilities fr: Preparing and presenting the financial statements in accrdance with the applicable financial reprting framewrk; Designing, implementing, and maintaining internal cntrl relevant t the preparatin and presentatin f financial statements that are free frm material misstatement, whether due t fraud r errr; and Prviding cmplete infrmatin t the auditr. 5b. ISA 200, Objective and General Principles Gverning an Audit f Financial Statements explains that audits are cnducted n the premises that these respnsibilities are acknwledged and understd by management and, where apprpriate, thse charged with gvernance. These premises are fundamental t the audit; hwever, there is a risk that they may nt be understd by management r thse charged with gvernance. T avid misunderstanding, agreement is reached with management and, where apprpriate, thse charged with gvernance abut their respnsibilities as part f agreeing the terms f engagement. Since [prpsed] ISA 580 (Revised and Redrafted), Written Representatins requires the auditr t request written representatins abut the validity f these premises, it may als be apprpriate t make management aware that receipt f such representatins frm relevant parties will be expected tgether with specific written representatins. It als may be useful t agree with management, r thse charged with gvernance, wh the relevant parties are. 5c. When management, r thse charged with gvernance, will nt make the necessary acknwledgement and agreement, r will nt prvide the requested general r specific 24

25 PROPOSED CONFORMING AMENDMENTS written representatins, the auditr will be unable t btain sufficient apprpriate audit evidence. In such circumstances, it may nt be apprpriate fr the auditr t accept the engagement. In sme cases, hwever, law r regulatin prevents the auditr frm refusing an engagement. In these cases, the auditr may need t explain t management and thse charged with gvernance the imprtance f these matters, and the effect that they may have n the pinin in the auditr s reprt. 25

26 Internatinal Federatin f Accuntants 545 Fifth Avenue, 14 th Flr, New Yrk, NY USA Tel +1 (212) Fax +1 (212)

SRI LANKA AUDITING STANDARD 580 WRITTEN REPRESENTATIONS CONTENTS

SRI LANKA AUDITING STANDARD 580 WRITTEN REPRESENTATIONS CONTENTS SRI LANKA AUDITING STANDARD 580 WRITTEN REPRESENTATIONS (Effective fr audits f financial statements fr perids beginning n r after 01 January 2014) CONTENTS Paragraph Intrductin Scpe f this SLAuS... 1-2

More information

Written Representations

Written Representations SINGAPORE STANDARD ON AUDITING SSA 580 Written Representatins This revised and redrafted SSA 580 supersedes SSA 580 Management Representatins in August 2008. Auditrs are required t cmply with the auditing

More information

Written Representations

Written Representations HKSA 580 Issued July 2009; revised July 2010, June 2014, August 2015, January 2016, August 2016, June 2017 Effective fr audits f financial statements fr perids beginning n r after 15 December 2009 Hng

More information

International Standard on Auditing (Ireland) 265. Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

International Standard on Auditing (Ireland) 265. Communicating Deficiencies in Internal Control to Those Charged with Governance and Management Internatinal Standard n Auditing (Ireland) 265 Cmmunicating Deficiencies in Internal Cntrl t Thse Charged with Gvernance and Management MISSION T cntribute t Ireland having a strng regulatry envirnment

More information

International Standard on Auditing (UK) 265

International Standard on Auditing (UK) 265 Standard Audit and Assurance Financial Reprting Cuncil June 2016 Internatinal Standard n Auditing (UK) 265 Cmmunicating Defi ciencies in Internal Cntrl t Thse Charged With Gvernance and Management The

More information

DRAFT AUDITOR S RESPONSIBILITY UNDER AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA

DRAFT AUDITOR S RESPONSIBILITY UNDER AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA Finance and Audit Cmmittee Kentucky Cmmunity and Technical Cllege System Fundatin, Inc. Versailles, Kentucky Prfessinal standards require that we cmmunicate certain matters t keep yu adequately infrmed

More information

Comment Letter on Exposure Draft Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs)

Comment Letter on Exposure Draft Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs) Verband der Industrie- und Dienstleistungsknzerne in der Schweiz Fédératin des grupes industriels et de services en Suisse Federatin f Industrial and Service Grups in Switzerland 22 Nvember 2013 Internatinal

More information

Using the Work of an Auditor s Expert

Using the Work of an Auditor s Expert SINGAPORE STANDARD ON AUDITING SSA 620 Using the Wrk f an Auditr s Expert This SSA 620 supersedes SSA 620 Using the Wrk f an Expert in September 2009. Auditrs are required t cmply with the auditing standards

More information

Audit and Risk Management Committee Charter

Audit and Risk Management Committee Charter Audit and Risk Management Cmmittee Charter Pivtal Systems Crpratin ("Cmpany") 1. Objectives The Audit and Risk Management Cmmittee (Cmmittee) has been established by the bard f directrs (Bard) f the Cmpany.

More information

International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements

International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements AT A GLANCE September 2012 Internatinal Standard n Review Engagements (ISRE) 2400 (Revised), Engagements t Review Histrical Financial Statements This summary prvides an verview f ISRE 2400 (Revised), Engagements

More information

Audit Committee Charter. St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd

Audit Committee Charter. St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd Audit Cmmittee Charter St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd Versin 3.0, 19 February 2018 Apprver Bard f Directrs St Andrew

More information

Using the Work of an Auditor s Expert

Using the Work of an Auditor s Expert HKSA 620 Issued July 2009; revised July 2010 Effective fr audits f financial statements fr perids beginning n r after 15 December 2009 Hng Kng Standard n Auditing 620 Using the Wrk f an Auditr s Expert

More information

PROPOSED INTERNATIONAL STANDARD ON AUDITING (ISA) 260 (REVISED) COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE

PROPOSED INTERNATIONAL STANDARD ON AUDITING (ISA) 260 (REVISED) COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE PROPOSED INTERNATIONAL STANDARD ON AUDITING (ISA) 260 (REVISED) COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE (Effective fr audits f financial statements fr perids [beginning/ending n r after date December

More information

AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE CHARTER

AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE CHARTER AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE CHARTER August 2012 OPUS Grup Limited Audit, Risk Management and Cmpliance Cmmittee 1. GENERAL PURPOSE The primary bjective f the Audit, Risk Management

More information

Audit Committee Charter

Audit Committee Charter Audit Cmmittee Charter I. Purpse f Audit Cmmittee The purpse f the Audit Cmmittee, which is part f the Bard, shall be (a) t assist the Bard s versight f (i) the integrity f the Cmpany s financial statements,

More information

TERMS OF REFERENCE. Audit and Risk Committee (the "Committee") of Wilmcote Holdings Plc (the "Company")

TERMS OF REFERENCE. Audit and Risk Committee (the Committee) of Wilmcote Holdings Plc (the Company) References t the "Bard" shall mean the full Bard f Directrs. MEMBERSHIP - The Bard has reslved t establish a cmmittee f the Bard t be knwn as the Audit and Risk Cmmittee. - The Cmmittee shall cmprise at

More information

Documentation / Other important Standards with SME perspective

Documentation / Other important Standards with SME perspective Dcumentatin / Other imprtant Standards with SME perspective SME - Definitin f MSMEs in India (As Per Micr, Small & Medium Enterprises Develpment (MSMED) Act, 2006) Manufacturing Enterprises Investment

More information

Proposed Revised South African Auditing Practice Statement (SAAPS) 2 Financial Reporting Frameworks and the Auditor s Report

Proposed Revised South African Auditing Practice Statement (SAAPS) 2 Financial Reporting Frameworks and the Auditor s Report Expsure Draft September 2010 Cmments are requested by 12 Nvember 2010 Prpsed Revised Suth African Auditing Practice Statement (SAAPS) 2 Financial Reprting Framewrks and the Auditr s Reprt REQUEST FOR COMMENTS

More information

PSNC Briefing on the NHS Complaints procedure (from 1 April 2009)

PSNC Briefing on the NHS Complaints procedure (from 1 April 2009) PSNC Briefing n the NHS Cmplaints prcedure (frm 1 April 2009) Under the prvisins f the Natinal Health Service (Pharmaceutical Services) Regulatins 2005 1 pharmacy cntractrs are required t make arrangements

More information

Huntington Bancshares Incorporated

Huntington Bancshares Incorporated Audit Cmmittee Apprved By: Bard f Directrs Huntingtn Bancshares Incrprated Apprval Date 1 f 6 Purpse f Cmmittee The Audit Cmmittee (Cmmittee) is established by the Bard f Directrs (Bard) t assist the Bard

More information

THE CLOROX COMPANY AUDIT COMMITTEE CHARTER. [Effective May 8, 2017]

THE CLOROX COMPANY AUDIT COMMITTEE CHARTER. [Effective May 8, 2017] THE CLOROX COMPANY AUDIT COMMITTEE CHARTER [Effective May 8, 2017] PURPOSE AND AUTHORITY The Audit Cmmittee ( Cmmittee ) is established by the Bard f Directrs ( Bard ) fr the purpses f: 1. Representing

More information

Select Auditing Considerations for the 2013 Audit Cycle

Select Auditing Considerations for the 2013 Audit Cycle Select Auditing Cnsideratins fr the 2013 Audit Cycle This Alert is intended t remind member firms f certain auditing cnsideratins that may be relevant fr the 2013 audit cycle. The Alert identifies and

More information

AUDIT & RISK COMMITTEE CHARTER

AUDIT & RISK COMMITTEE CHARTER AUDIT & RISK COMMITTEE CHARTER Rle and Respnsibilities The Bard f The Institute f Internal Auditrs Australia (IIA-Australia) has established a Bard Audit & Risk Cmmittee as part f its respnsibilities in

More information

Communication with Those Charged with Governance

Communication with Those Charged with Governance HKSA 260 (Revised) Issued August 2015; revised January 2016, June 2017 Effective fr audits f financial statements fr perids ending n r after 15 December 2016 Hng Kng Standard n Auditing 260 (Revised) Cmmunicatin

More information

CITIGROUP INC. AUDIT COMMITTEE CHARTER As of January 18, 2018

CITIGROUP INC. AUDIT COMMITTEE CHARTER As of January 18, 2018 CITIGROUP INC. AUDIT COMMITTEE CHARTER As f January 18, 2018 Missin The Audit Cmmittee ( Cmmittee ) f Citigrup Inc. ( Citigrup r the Cmpany ) is a standing cmmittee f the Bard f Directrs ( Bard ). The

More information

Chapter 1. Introduction and Overview of Audit & Assurance

Chapter 1. Introduction and Overview of Audit & Assurance Assurance & Auditing Textbk Ntes Chapter 1 Intrductin and Overview f Audit & Assurance Audit prcess in Fcus 1.1 Auditing & Assurance Defined - An assurance is an engagement where an auditr r cnsultant

More information

GENERAL MOTORS COMPANY AUDIT COMMITTEE CHARTER. Amended and Restated: December 13, 2017

GENERAL MOTORS COMPANY AUDIT COMMITTEE CHARTER. Amended and Restated: December 13, 2017 GENERAL MOTORS COMPANY AUDIT COMMITTEE CHARTER Amended and Restated: December 13, 2017 Purpse The purpse f the Audit Cmmittee is t assist the Bard f Directrs f General Mtrs Cmpany in its versight f the

More information

MiFID Supervisory Briefing Suitability

MiFID Supervisory Briefing Suitability MiFID Supervisry Briefing Suitability 19 December 2012 ESMA/2012/850 Date: 19 December 2012 ESMA/2012/850 I. Backgrund 1. ESMA is required t play an active rle in building a cmmn supervisry culture by

More information

CHARTER OF RESERVES, HEALTH, SAFETY, ENVIRONMENT AND SOCIAL RESPONSIBILITY COMMITTEE 2018

CHARTER OF RESERVES, HEALTH, SAFETY, ENVIRONMENT AND SOCIAL RESPONSIBILITY COMMITTEE 2018 CHARTER OF RESERVES, HEALTH, SAFETY, ENVIRONMENT AND SOCIAL RESPONSIBILITY COMMITTEE 2018 The Reserves, Health, Safety, Envirnment and Scial Respnsibility Cmmittee Charter utlines the specific rles and

More information

TERMS OF REFERENCE FOR THE PROVISION OF OUTSOURCED INTERNAL AUDIT SERVICE

TERMS OF REFERENCE FOR THE PROVISION OF OUTSOURCED INTERNAL AUDIT SERVICE W&RSETA Standard Bidding Dcuments Terms f Reference TERMS OF REFERENCE FOR THE PROVISION OF OUTSOURCED INTERNAL AUDIT SERVICE 1 W&RSETA Standard Bidding Dcuments Terms f Reference 1. BACKGROUND TO W&RSETA

More information

FINANCE & AUDIT COMMITTEE

FINANCE & AUDIT COMMITTEE FINANCE & AUDIT COMMITTEE Page 1 f 8 CHARTER f the Finance & Audit Cmmittee f the Bard Of Directrs f Spectral Medical Inc. Purpse The primary functin f the Finance & Audit Cmmittee (the Cmmittee ) f the

More information

Current Developments: Canadian Securities and Auditing Matters

Current Developments: Canadian Securities and Auditing Matters Current Develpments: Canadian Securities and Auditing Matters March 2017 kpmg.ca Canadian Securities and Auditing Matters This editin prvides a summary f newly effective and frthcming regulatry and auditing

More information

AMENDMENTS TO NASDAQ RULES ON COMPENSATION COMMITTEES

AMENDMENTS TO NASDAQ RULES ON COMPENSATION COMMITTEES March 2013 AMENDMENTS TO NASDAQ RULES ON COMPENSATION COMMITTEES Summary. The Securities and Exchange Cmmissin recently apprved the fllwing amendments t the NASDAQ listing rules relating t cmpensatin cmmittees:

More information

AUDIT COMMITTEE CHARTER

AUDIT COMMITTEE CHARTER AUDIT COMMITTEE CHARTER WBHO Audit Cmmittee Charter Page 1 f 9 Intrductin The Audit Cmmittee is cnstituted as a statutry cmmittee f the Cmpany in respect f its statutry duties in terms f Sectin 94(1) f

More information

Audit Committee Charter

Audit Committee Charter www.subsea7.cm Audit Cmmittee Charter 5 23.May.17 Mark Fley VP Grup Financial Cntrller Dd Fraser Chairman f the Audit Cmmittee Revisin Revisin Date Dcument Owner Dcument Apprver Revisin: 5 Audit Cmmittee

More information

Safeguards Phase 2 Section 600/Non-assurance Services (NAS) Part 4A International Independence Standards for Audits and Reviews

Safeguards Phase 2 Section 600/Non-assurance Services (NAS) Part 4A International Independence Standards for Audits and Reviews Agenda Item C-5 Safeguards Phase 2 Sectin 600/Nn-assurance Services (NAS) Nte: Text that is shaded in gray has been develped in cnjunctin with, and will be presented by the Structure TF. Part 4A Internatinal

More information

Audit & Risk Committee Charter

Audit & Risk Committee Charter Audit & Risk Cmmittee Charter AUDIT & RISK COMMITTEE CHARTER The Audit & Risk Cmmittee has been established by reslutin f the Bard f Macmahn Hldings Limited ( Macmahn r the Cmpany ). Membership The Audit

More information

CORPORATE GOVERNANCE POLICY

CORPORATE GOVERNANCE POLICY CORPORATE GOVERNANCE POLICY Bard Missin Sagicr Real Estate X Fund Limited ( X Fund r the Cmpany ) was incrprated in 2011 under the laws f St. Lucia as an Internatinal Business Cmpany (IBC). X Fund is cmmitted

More information

16-18Co(17)97 Appendix 2. Panel Consideration Practice Statement. Introduction. This document has been produced to:

16-18Co(17)97 Appendix 2. Panel Consideration Practice Statement. Introduction. This document has been produced to: 16-18C(17)97 Appendix 2 Panel Cnsideratin Practice Statement Intrductin This dcument has been prduced t: Supprt the cnsistent cnsideratin f fitness t teach cnduct cases by Panels in line with the GTCS

More information

AUDIT COMMITTEE CHARGE

AUDIT COMMITTEE CHARGE AUDIT COMMITTEE CHARGE Number f Members 5-7 Must be an dd number fr purpses f vting. Cmpsitin Members shall include the Secnd Past President, the Secretary and Treasurer, at least ne ther Bard member and

More information

Terms of Reference - Board of Directors (approved by the Board on 12 April 2018)

Terms of Reference - Board of Directors (approved by the Board on 12 April 2018) Terms f Reference - Bard f Directrs (apprved by the Bard n 12 April 2018) 1. Respnsibility and Principal Duties The Bard f Directrs has the verall respnsibility fr the gvernance f the Cmpany and fr supervising

More information

A0aa. Assertions that the auditor may use in addressing the requirements of this ISA are further described in paragraph A121c.

A0aa. Assertions that the auditor may use in addressing the requirements of this ISA are further described in paragraph A121c. Agenda Item 3-B ISA 315 (Revised), 1 Identifying and Assessing the Risks f Material Misstatement thrugh Understanding the Entity and Its Envirnment Applicatin and Other Explanatry Material Prpsed changes

More information

Auditor Reporting Building Blocks

Auditor Reporting Building Blocks Agenda Item L.1 I. Recmmendatins Auditr Reprting Building Blcks A flexible building blcks apprach is needed t ensure that cnsistent, useful and relevant infrmatin is cmmunicated in auditr s reprts acrss

More information

Stakeholder Relations and Communications Policy

Stakeholder Relations and Communications Policy Stakehlder Relatins and Cmmunicatins Plicy Effective January 15, 2008 Apprved by the Bard f Directrs n January 15, 2008 TABLE OF CONTENTS Sectin I Stakehlder Relatins and Cmmunicatins Plicy 1 NOVA SCOTIA

More information

The Committee is specifically charged with the following duties and responsibilities:

The Committee is specifically charged with the following duties and responsibilities: CORPORATE GOVERNANCE POLICY AND PROCEDURES MANUAL AUDIT AND RISK COMMITTEE CHARTER The Bard has reslved t establish a Cmmittee f the Bard t be knwn as the Audit and Risk Cmmittee. This Cmmittee will replace

More information

TASSAL GROUP LIMITED ABN Procedures for the Oversight and Management of Material Business Risks. (Approved by the Board 28 May 2015)

TASSAL GROUP LIMITED ABN Procedures for the Oversight and Management of Material Business Risks. (Approved by the Board 28 May 2015) Prcedures fr the Oversight and Management f Material Business Risks TASSAL GROUP LIMITED ABN 15 106 067 270 Prcedures fr the Oversight and Management f Material Business Risks (Apprved by the Bard 28 May

More information

Safeguards Phase 2 Proposed Section 600 (Mark-up From September 27 IESBA Meeting Discussion)

Safeguards Phase 2 Proposed Section 600 (Mark-up From September 27 IESBA Meeting Discussion) Agenda Item 4-D Safeguards Phase 2 Prpsed Sectin 600 (Mark-up Frm September 27 IESBA Meeting Discussin) Nte t Meeting Participants: A clean versin f Sectin 600 will frm part f Chapter 1 t the Safeguards

More information

Risk and Audit Committee charter

Risk and Audit Committee charter Risk and Audit Cmmittee charter 1. Intrductin The Bard f Cffey Internatinal Limited ( Cffey r the Cmpany ) has established a Risk and Audit Cmmittee ( Cmmittee ). It is nted that the Cmmittee is a sub-cmmittee

More information

We have carried out the following assurance activities:

We have carried out the following assurance activities: Independent Assurance Reprt T the Bard f Directrs and Management f Trnt-Dminin Bank (the Bank ) Our respnsibilities Our limited assurance engagement has been planned and perfrmed in accrdance with the

More information

TASSAL GROUP LIMITED ABN

TASSAL GROUP LIMITED ABN Plicy fr the Selectin and Appintment f Directrs TASSAL GROUP LIMITED ABN 15 106 067 270 Plicy fr the Selectin and Appintment f Directrs (Reviewed by the Bard 25 June 2013) 1 Reviewed by the Bard - 25 June

More information

CAQ Lessons Learned. Performing an Audit of Internal Control. In an Integrated Audit

CAQ Lessons Learned. Performing an Audit of Internal Control. In an Integrated Audit CAQ Lessns Learned Perfrming an Audit f Internal Cntrl In an Integrated Audit February 2009 Table f Cntents CAQ LESSONS LEARNED PERFORMING AN AUDIT OF INTERNAL CONTROL IN AN INTEGRATED AUDIT--------------------------------------------------------------------------------------------------1

More information

The Company is a public company incorporated in Bermuda and its securities are listed on AIM.

The Company is a public company incorporated in Bermuda and its securities are listed on AIM. (Incrprated in Bermuda Registratin N. 44512) POLICY FOR TRADING IN COMPANY SECURITIES The Cmpany is a public cmpany incrprated in Bermuda and its securities are listed n AIM. Schedule 1 t this Plicy cntains

More information

NCTJ Conflicts of Interest Policy and Procedures

NCTJ Conflicts of Interest Policy and Procedures NCTJ Cnflicts f Interest Plicy and Prcedures Purpse This plicy aims t draw attentin t the pssibility f cnflicts, minimise r prevent a cnflict ccurring and manage cnflicts that have arisen. Definitin f

More information

STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY

STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY Recvery Act Bnd Prgram Written Prcedures fr Tax Cmpliance and Internal Mnitring, adpted September 12, 2013 PROGRAM OVERVIEW The State f New Yrk Municipal Bnd

More information

Internal Control Requirements for Adopting New Accounting Standards

Internal Control Requirements for Adopting New Accounting Standards Internal Cntrl Requirements fr Adpting New Accunting Standards Backgrund In previus articles, BKD discussed the U.S. Securities and Exchange Cmmissin s (SEC) expectatins regarding the requirement t disclse

More information

TERMS AND CONDITIONS FOR APPOINTMENT OF INDEPENDENT DIRECTOR

TERMS AND CONDITIONS FOR APPOINTMENT OF INDEPENDENT DIRECTOR TERMS AND CONDITIONS FOR APPOINTMENT OF INDEPENDENT DIRECTOR 1 PRIVATE & CONFIDENTIAL Date: T, Independent Directrs, Subject: Appintment as an Independent Directr InfBeans Technlgies Limited Dear Sir/Madam,

More information

NATCHITOCHES HISTORIC DISTRICT DEVELOPMENT COMMISSION STATE OF LOUISIANA

NATCHITOCHES HISTORIC DISTRICT DEVELOPMENT COMMISSION STATE OF LOUISIANA NATCHITOCHES HISTORIC DISTRICT DEVELOPMENT COMMISSION STATE OF LOUISIANA Independent Accuntants* Reprt n Applying Agreed-Upn Prcedures June 30, 2013 GRIFFIN & COAAPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS

More information

PRIMERICA, INC. COMPENSATION COMMITTEE CHARTER Adopted on March 31, 2010 and revised as of August 15, 2018

PRIMERICA, INC. COMPENSATION COMMITTEE CHARTER Adopted on March 31, 2010 and revised as of August 15, 2018 PRIMERICA, INC. COMPENSATION COMMITTEE CHARTER Adpted n March 31, 2010 and revised as f August 15, 2018 Missin The Cmpensatin Cmmittee (the Cmmittee ) f Primerica, Inc. (the Cmpany ) is respnsible fr determining

More information

Overview of Statements of Investment Policies and Procedures (SIPP) Requirements

Overview of Statements of Investment Policies and Procedures (SIPP) Requirements Financial Services Cmmissin f Ontari Cmmissin des services financiers de l Ontari SECTION: INDEX NO.: TITLE: APPROVED BY: PUBLISHED: Investment Guidance Ntes IGN-005 Overview f Statements f Investment

More information

VOLUNTEER REGISTRATION FORM

VOLUNTEER REGISTRATION FORM VOLUNTEER REGISTRATION FORM Office Use Only Prgram: Site: Day(s): Time: Name Email: Phne Number (cell) (hme) (Wrk) Address Birth date What is yur current ccupatin? Are yu r have yu ever been a member f

More information

[AGENCY NAME] Mandate and Roles Document. (Pure Advisory Committees)

[AGENCY NAME] Mandate and Roles Document. (Pure Advisory Committees) [This sample dcument has been develped by the Agency Gvernance Secretariat. It is intended t be used fr infrmatinal purpses nly. Agencies are encuraged t adapt the dcument t meet their specific needs.

More information

UCEA/ECU Age Discrimination Working Group Guidance. Age Discrimination Legislation Guidance Note 1: Pay and Benefits A UCEA Publication

UCEA/ECU Age Discrimination Working Group Guidance. Age Discrimination Legislation Guidance Note 1: Pay and Benefits A UCEA Publication UCEA/ECU Age Discriminatin Wrking Grup Guidance Age Discriminatin Legislatin 2006 Guidance Nte 1: Pay and Benefits A UCEA Publicatin Scpe f guidance This guidance nte addresses the implicatins f the Emplyment

More information

Corporate Governance Principles

Corporate Governance Principles Crprate Gvernance Principles Revised 05-03-2018 Amphenl s Crprate Gvernance Principles have been apprved by the Bard f Directrs and, tgether with the Cmpany s Certificate f Incrpratin, as amended and/r

More information

School Business Manager

School Business Manager Plicy Title: Risk Assessment Plicy Authr: Schl Business Manager Audience: Staff Reviewed by: Gvernrs Review frequency: Annual Reviewed when: Octber 2016 Risk Assessment Plicy Intrductin Nrthease Manr Schl

More information

INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES

INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES ^001 GRIFFIN & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS Stephen M. Griffin, CPA Rbert J. Furman, CPA INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES T the Bard Members Atchafalaya Basin

More information

SNAKK MEDIA LIMITED FINANCIAL PRODUCTS TRADING POLICY AND GUIDELINES

SNAKK MEDIA LIMITED FINANCIAL PRODUCTS TRADING POLICY AND GUIDELINES SNAKK MEDIA LIMITED FINANCIAL PRODUCTS TRADING POLICY AND GUIDELINES Date adpted: 5 Nvember 2015 Versin: 1 1 SCOPE OF POLICY FINANCIAL PRODUCTS TRADING POLICY AND GUIDELINES This plicy applies t all directrs,

More information

AUDIT & RISK COMMITTEE (ARC)

AUDIT & RISK COMMITTEE (ARC) AUDIT & RISK COMMITTEE (ARC) The Audit and Risk Cmmittee is an independent appraisal bdy appinted by the chapter bard t assist the bard in fulfilling its versight respnsibilities pertaining t the integrity

More information

AUDIT and ASSURANCE COMMITTEE TERMS OF REFERENCE

AUDIT and ASSURANCE COMMITTEE TERMS OF REFERENCE AUDIT and ASSURANCE COMMITTEE TERMS OF REFERENCE P U R P O S E The Cmmittee is an perating Cmmittee f the Grup Bard and is charged with the respnsibility f gaining assurance fr the Grup Bard that the rganisatin

More information

An Update on Troubled Debt Restructurings

An Update on Troubled Debt Restructurings An Update n Trubled Debt Restructurings Lyle Alexander Partner BKD, LLP lalexander@bkd.cm Chris Van Lng Senir Manager BKD, LLP cvanlng@bkd.cm T Receive CPE Credit Participate in entire webinar Answer plls

More information

Equiniti Group plc (the Company) Audit Committee. Terms of Reference

Equiniti Group plc (the Company) Audit Committee. Terms of Reference Equiniti Grup plc (the Cmpany) Audit Cmmittee Terms f Reference Bard apprved: 1 March 2018 The Audit Cmmittee (the Cmmittee) is a cmmittee appinted, n the recmmendatin f the Nminatin Cmmittee in cnsultatin

More information

HEIDRICK & STRUGGLES INTERNATIONAL, INC. Corporate Governance Guidelines

HEIDRICK & STRUGGLES INTERNATIONAL, INC. Corporate Governance Guidelines HEIDRICK & STRUGGLES INTERNATIONAL, INC. Crprate Gvernance Guidelines The Heidrick & Struggles Internatinal, Inc. (The Cmpany ) Bard f Directrs (the Bard ) and management believe that the Cmpany, in the

More information

Intellectual Property Policy

Intellectual Property Policy Apprved by Academic Affairs Cuncil, June 24, 2014 Intellectual Prperty Plicy Purpse Statement This plicy is intended t supprt faculty, staff, and students in identifying and prtecting intellectual prperty,

More information

EXECUTIVE SUMMARY INTERNAL AUDIT REPORT. IOM Kingston JM JULY 2017

EXECUTIVE SUMMARY INTERNAL AUDIT REPORT. IOM Kingston JM JULY 2017 EXECUTIVE SUMMARY INTERNAL AUDIT REPORT IOM Kingstn JM201701 17-21 JULY 2017 Issued by the Office f the Inspectr General Page 1 f 9 Reprt n the Audit f IOM Kingstn Executive Summary Audit File N. JM201701

More information

Best Practice in Gift Agreements

Best Practice in Gift Agreements Best Practice in Gift Agreements Date: September 5, 2010 Updated August 6, 2016 Prepared By: Ann Huse Categry: Recrds Management Cmments T: ahuse@miami.edu Cmment Perid: Octber 1 December 31, 2016 Descriptin

More information

June Dear Chairman Cuttita and Members of the Board of Fire Commissioners:

June Dear Chairman Cuttita and Members of the Board of Fire Commissioners: THOMAS P. DiNAPOLI COMPTROLLER STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER 110 STATE STREET ALBANY, NEW YORK 12236 GABRIEL F. DEYO DEPUTY COMPTROLLER DIVISION OF LOCAL GOVERNMENT AND SCHOOL ACCOUNTABILITY

More information

COMPLAINTS POLICY ARUNSIDE PRIMARY SCHOOL. POLICY ADOPTED: 20 th JUNE 2016 THE POLICY IS TO BE REVIEWED: November 2017

COMPLAINTS POLICY ARUNSIDE PRIMARY SCHOOL. POLICY ADOPTED: 20 th JUNE 2016 THE POLICY IS TO BE REVIEWED: November 2017 COMPLAINTS POLICY ARUNSIDE PRIMARY SCHOOL POLICY ADOPTED: 20 th JUNE 2016 THE POLICY IS TO BE REVIEWED: Nvember 2017 Arunside Primary Schl Blackbridge Lane West Sussex RH12 1RR Cmplaints Plicy (Parents

More information

INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES

INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES d^^ GRIFFIN & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS Stephen M. Griffin, CPA Rbert J. Furman, CPA INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES T the Bard Members Luisiana State

More information

Are you ready for the FUTURE of your Quality Management system?

Are you ready for the FUTURE of your Quality Management system? 1 Are yu ready fr the FUTURE f yur Quality Management system? BACKGROUND Quality Management System standard, ISO 9001 has made sme majr changes released in September 2015. Organizatins are studying and

More information

DATA PROTECTION POLICY FOR PUPILS AND PARENTS

DATA PROTECTION POLICY FOR PUPILS AND PARENTS DATA PROTECTION POLICY FOR PUPILS AND PARENTS This Plicy is relevant t the whle schl including EYFS Cntents 1.0 Intrductin 2.0 Respnsibility fr data prtectin 3.0 Types f persnal data prcessed by the schl

More information

CÉGEP HERITAGE COLLEGE POLICY # 42 CONCERNING THE CONTRACT RULES COMPLIANCE MONITOR (CRCM) ADMINISTRATOR: Director of Building and Computer Services

CÉGEP HERITAGE COLLEGE POLICY # 42 CONCERNING THE CONTRACT RULES COMPLIANCE MONITOR (CRCM) ADMINISTRATOR: Director of Building and Computer Services 42 CÉGEP HERITAGE COLLEGE POLICY # 42 CONCERNING THE CONTRACT RULES COMPLIANCE MONITOR (CRCM) COMING INTO FORCE: June 19, 2014 REVISED: N/A ADMINISTRATOR: Directr f Building and Cmputer Services Preamble

More information

Exposure Draft: Practice Note 15 (Revised) The audit of occupational pension schemes in the United Kingdom

Exposure Draft: Practice Note 15 (Revised) The audit of occupational pension schemes in the United Kingdom Expsure Draft Financial Reprting Cuncil April 2017 Expsure Draft: Practice Nte 15 (Revised) The audit f ccupatinal pensin schemes in the United Kingdm The Financial Reprting Cuncil (FRC) is the UK s independent

More information

ADANI POWER LIMITED RELATED PARTY TRANSACTION POLICY. Page 1 of 10

ADANI POWER LIMITED RELATED PARTY TRANSACTION POLICY. Page 1 of 10 ADANI POWER LIMITED RELATED PARTY TRANSACTION POLICY Page 1 f 10 TABLE OF CONTENTS Sr. N. Particulars Page Ns. 1. Preamble 3 2. Purpse 3 3. Definitins 3 4. Plicy and Prcedure 5 5. Transactins which d nt

More information

Sempra Energy Environmental, Health, Safety and Technology Committee Charter

Sempra Energy Environmental, Health, Safety and Technology Committee Charter Sempra Energy Envirnmental, Health, Safety and Technlgy Cmmittee Charter As adpted by the Bard f Directrs f Sempra Energy n September 5, 2000 and amended thrugh Nvember 9, 2015. I. Purpse The purpse f

More information

Manual of Administrative Policies and Procedures

Manual of Administrative Policies and Procedures Manual f Administrative Plicies and Prcedures POLICY 1.49 Cntract Management and Signing Authrity Plicy Categry: General Related Prcedures: Prcedures fr Negtiating, Apprving and Signing University Cntracts

More information

How to Become a Delaware Public Benefit Corporation

How to Become a Delaware Public Benefit Corporation Hw t Becme a Delaware Public Benefit Crpratin This utline describes the majr steps required fr an existing Delaware crpratin t becme a Delaware public benefit crpratin. 1. Summary. In rder t becme a public

More information

HERANBA INDUSTRIES LIMITED POLICY ON MATERIALITY OF RELATED PARTY TRANSACTIONS AND DEALING WITH RELATED PARTY TRANSACTIONS

HERANBA INDUSTRIES LIMITED POLICY ON MATERIALITY OF RELATED PARTY TRANSACTIONS AND DEALING WITH RELATED PARTY TRANSACTIONS 1. Title HERANBA INDUSTRIES LIMITED POLICY ON MATERIALITY OF RELATED PARTY TRANSACTIONS AND DEALING WITH RELATED PARTY TRANSACTIONS 1.1 This plicy shall be called the Plicy n materiality f related party

More information

Powerlink - Corporate Entertainment & Hospitality - Policy

Powerlink - Corporate Entertainment & Hospitality - Policy Pwerlink - Crprate Entertainment & Hspitality - Plicy Plicy stream Gvernance Authred by Chief Financial Officer Maurie Brennan Apprved by Pwerlink Bard Current versin: 04/05/2017 SECURITY CLASSIFICATION

More information

1 st Floor, Building 32 The Woodlands Office Park Woodlands Drive, Woodmead 2148, Johannesburg, South Africa

1 st Floor, Building 32 The Woodlands Office Park Woodlands Drive, Woodmead 2148, Johannesburg, South Africa ERM 1 st Flr, Building 32 The Wdlands Office Park Wdlands Drive, Wdmead 2148, Jhannesburg, Suth Africa Tel: +27 11 798 4300 Fax: +27 11 804 2289 www.erm.cm Independent Assurance Statement T Tngaat Hulett

More information

Workers Pension Trust

Workers Pension Trust Wrkers Pensin Trust YEAR ENDED 31 OCTOBER 2016 CHAIRMAN S ANNUAL STATEMENT REGARDING DC GOVERNANCE This statement is prduced pursuant t Regulatin 17 f the Occupatinal Pensin Schemes (Charges and Gvernance)

More information

CODE OF CONDUCT AND ETHICS POLICY ON CONFLICTS OF INTEREST

CODE OF CONDUCT AND ETHICS POLICY ON CONFLICTS OF INTEREST CODE OF CONDUCT AND ETHICS POLICY ON CONFLICTS OF INTEREST Magna Internatinal Inc. Plicy n Gifts & Entertainment 1 POLICY ON CONFLICTS OF INTEREST Magna emplyees have a duty t act in Magna s best interest.

More information

Information concerning the constitution, goals and functions of the agency, including 1 :

Information concerning the constitution, goals and functions of the agency, including 1 : Annual Reprt cmpliance checklist This checklist utlines the gvernance, perfrmance, reprting cmpliance and prcedural requirements f the Financial Administratin and Audit Act 1977 and the Financial Management

More information

LANGIND E DOCNUM 2009-0311861I7 AUTHOR Zannese, Lisa DESCKEY 26 RATEKEY 2 REFDATE 100721 SUBJECT Issues par. 149(1)(c) and prpsed par.149(1)(d.5) SECTION 149(1)(c); 149(1)(d.5); 149(1.2) SECTION SECTION

More information

TOPIC 12: PART 1 WAYS OF GATHERING AUDIT EVIDENCE

TOPIC 12: PART 1 WAYS OF GATHERING AUDIT EVIDENCE TOPIC 12: PART 1 WAYS OF GATHERING AUDIT EVIDENCE ISA 500 is the relevant auditing standard fr audit evidence. 7 basic ways fr the auditr t gather audit evidence thrughut the audit prcess: 1. Observatin

More information

AUDIT COMMITTEE CHARTER

AUDIT COMMITTEE CHARTER AUDIT COMMITTEE CHARTER An Audit Cmmittee is a key element in the Crprate Gvernance prcess f any rganizatin and acts as a link amng the Management, the Statutry Auditrs, Internal Auditrs and the Bard f

More information

Board Committee Charters

Board Committee Charters Charter Released by the Bard f Directrs f Snva Hlding AG n June 17, 2014. Audit Cmmittee ( AC ) Charter Art. 1: Purpse The Audit Cmmittee ( AC ) reviews n behalf f the Bard the wrk and effectiveness f

More information

Frequently Asked Questions: Broader Public Sector Procurement Directive

Frequently Asked Questions: Broader Public Sector Procurement Directive Frequently Asked Questins: Brader Public Sectr Prcurement Directive 1. What is the Brader Public Sectr (BPS) Prcurement Directive? The Brader Public Sectr Accuntability Act, 2010 prvides the authrity fr

More information

Producer Statements will be accepted only in accordance with this policy.

Producer Statements will be accepted only in accordance with this policy. Prducer Statements Plicy This plicy has been prepared t ensure that Cuncil has clearly dcumented plicies and prcedures fr the request fr and acceptance f Prducer Statements in cnnectin with applicatins

More information

ABORIGINAL ECONOMIC PARTNERSHIPS Program Grant Application Guidelines

ABORIGINAL ECONOMIC PARTNERSHIPS Program Grant Application Guidelines ABORIGINAL ECONOMIC PARTNERSHIPS Prgram Grant Applicatin Guidelines Abriginal Ecnmic Partnerships Prgram (AEPP) grant funding supprts Indigenus cmmunities, cmmunity-wned businesses and nt-fr-prfit nn-gvernmental

More information

Safeguards Phase 2 Section 600/Non-assurance Services (NAS) Part 4A International Independence Standards for Audits and Reviews

Safeguards Phase 2 Section 600/Non-assurance Services (NAS) Part 4A International Independence Standards for Audits and Reviews Agenda Item 2-F Safeguards Phase 2 Sectin 600/Nn-assurance Services (NAS) (Mark-up frm June 2016 IESBA Discussin) Part 4A Internatinal Independence Standards fr Audits and Reviews. Sectin 600 Prvisin f

More information

WHOLESALE AND RETAIL SETA. Skills Development for Economic Growth. ETQA Assessor and Moderator Registration Policy

WHOLESALE AND RETAIL SETA. Skills Development for Economic Growth. ETQA Assessor and Moderator Registration Policy WHOLESALE AND RETAIL SETA Skills Develpment fr Ecnmic Grwth ETQA Assessr and Mderatr Registratin Plicy WHOLESALE AND RETAIL SETA ETQA ASSESSOR AND MODERATOR POLICY Effective Date: 00/00/2007 Dc ID: Rev:

More information