CPA's Guide to Management Letter Comments
Developed through 20 years of experience in auditing practice for clients in a broad spectrum of industries and up-to-date through SAS-112, the CPA's Guide to Management Letter Comments provides literally hundreds of management comment examples for numerous situations that that are encountered by real firms working with real clients. Beginning with an example of the actual opening paragraph of a management letter, this compendium continues through all critical areas encountered during an audit and ends with suggested closing paragraphs so that even a first-time management letter preparer can produce a high-quality final product like a well-seasoned auditor.
SALES INVOICING AND REVENUE
PURCHASING AND EXPENSES
accepted accounting principles accounting department accounting system accounts payable accounts receivable accrual basis accurate adjustments allow amount appropriate approval Audit Committee audit procedures disclosed audit process audit testing auditor balances bank reconciliation bank statements better billing Board budget cash disbursements cash receipts charged with governance chart of accounts controls over cash cost deposit depreciation effective efficient employees ensure entity's established financial reporting financial statements fixed assets fraud funds implemented income internal control Internal Revenue Service investment invoices issued ledger maintained management letter manual material weaknesses ment Needed noted that client operations organization overall payment payroll performed personnel files physical inventory policies and procedures practice prepared purchase orders recommend that client responsibilities restrictively endorsed result revenue Sarbanes-Oxley Act schedule Segregation of Duties signature significant deficiencies standards strongly recommend strongly suggest suggest client suggest that client transactions vendor year-end