GTI 2011 Introduction

Please download to get full document.

View again

of 4
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
GTI 2011 Introduction
  Introduction [Insert firm name] is pleased to present the 2011 Audit and Assurance Services Manual. General The Manual includes policies and procedures pertaining to the audit and assurance services practice that are to be followed by all partners and employees. Exceptions may be made only when permission is obtained in advance from appropriate national office personnel or where departures are expressly permitted. The Manual is not intended as a substitute for published international, domestic or governmental auditing standards and should be used in conjunction with the audit programs contained in Voyager. The Manual explains GT’s  audit methodology and, together with the audit programs contained in Voyager, represents GT ’s approach to complying with applicable auditing standards. Accordingly, the Manual should be read in conjunction with these standards. International Auditing Standards To help provide greater uniformity in international audits, the International Standards on  Auditing are issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The auditing guidance noted in this Manual and in Voyager is based on the ISA’s . Ethics and Independence Standards [Tailor the paragraph to reflect the name and location of your ethics and quality control   manual] The ethics and independence standards established by the various regulatory bodies, along with applicable ethical and independence policies and procedures are discussed in the Ethics and Quality Control manual. Using the AASM with Professional Literature and Subsequent Firm Bulletins [   Tailor the paragraph to reflect the name of your audit bulletins and publications] The nature of the public accounting profession is such that auditing and reporting policies must frequently be revised. Accordingly, the Manual should be used in conjunction with pertinent future GTI Alerts and firm Audit bulletins, updates, and other firm practice bulletins that may be issued.  [Tailor the last sentence to reflect the people to consult] From time to time, professional questions may arise that are not covered by the Manual, such as those presented by unanticipated situations or new professional pronouncements or activities. Accordingly, partners and employees are expected to conduct themselves as professionals, within the spirit of the statement of philosophy, Commitment to Excellence  (see below), exercising appropriate due professional care and resolving matters by using professional judgment and common sense. Since the Manual cannot be expected to cover every possible situation, all professionals should exercise professional judgment in determining the applicability of the firm's policies and procedures, and when necessary, to consult with the NPPD and the PSP. Commitment to Excellence The firm is committed to excellence. This commitment, which is a cornerstone of Grant Thornton’s  global values, connotes conduct and services that meet the highest ethical and professional standards and, like perfection, is an ideal we must strive for continuously. Therefore:    Partners and employees must bear in mind that the firm's commitment to professional excellence entails dedication to the highest goals of the profession, particularly in connection with audit quality, when reporting on clients' financial statements. This commitment takes precedence over any other objective of the firm or any client.    We must safeguard our reputation and the public perception of our integrity and objectivity. Accordingly, we are selective in accepting clients and will follow processes established by the firm for assessing the background and reputation of prospective new clients.    We carefully consider the nature of any services we are asked to provide to present and prospective clients, limiting our practice to those clients to whom we can truly provide outstanding services. We cannot be all things to all people and we should not try.    In evaluating potential engagements and the manner in which we inform clients and the business community of our services and capabilities, we take care that public confidence in our integrity and commitment to professional excellence is not diminished.    In financial reporting engagements:  –  independence, in fact and in appearance, is to be maintained in all engagements where it is required or professionally warranted  –  particular attention is to be directed to understanding the entity's business and the environment in which it operates, and to ensuring that any specialized knowledge required by the engagement is appropriately brought to bear  –  accounting issues are to be resolved in accordance with the appropriate standards based on our understanding of the substance of the underlying transactions, not their form  –  an attitude of professional skepticism is to be maintained   –  clients should be urged to adopt accounting and reporting practices that we believe are appropriate in the circumstances    In performing engagements of any nature:  –  integrity, objectivity and due care are to be exercised by all personnel  –  in applying the policies and procedures in the firm's manuals and other materials, attention should be directed to the spirit, as well as the letter of such policies  –  when we learn that a client or we may have made a material error in a prior engagement, we will deal with the matter in a forthright, professional manner The firm's manuals present policies, procedures and other guidance to help us do this. These, and other materials of the firm, can only be effective if they are implemented by personnel who share the firm's commitment to excellence. [Tailor this paragraph to reflect standard setters / regulators that are applicable in your   country] The firm has adopted policies and procedures to implement the foregoing concepts and to implement the quality control standards established by IFAC. Pursuant to such standards, the adequacy of the firm's quality control system and compliance therewith are subject to various external evaluations. For example, each year the firm is subject to inspection   by _________ and every three years a peer review is conducted on our firm under the _______ standards. The report on the peer review is available to our clients and other interested parties. Adherence to Firm Policies  Adherence to the firm's quality control policies and commitment to excellence is required and is a key factor in assessing the performance and progression of all partners and staff. [Tailor this paragraph to reflect the tone and content that is appropriate for your firm] The firm recognizes that human beings are fallible and that, in the profession’s legal and regulatory climate, a perceived or imagined error, no matter how small, might form a basis for litigation or regulatory actions against the firm and individual partners and staff. The firm will zealously defend all personnel who perform their responsibilities in an honest, conscientious manner. On the other hand, the firm will discipline partners and staff for carelessness and intentional violations of firm policies or professional standards. In summary, the AASM is designed to help you understand the professional standards that form the foundation of the auditing profession. Where those standards are rigid, you are expected to apply them with precision and consistency. Where those standards allow for flexibility, you are expected to employ reasonable judgment in designing and executing auditing procedures that will support your conclusions. At any point, if you have questions or concerns, you have the ability and even the obligation to reach out to the national office for support. The auditing profession is a high calling that requires a  team effort. Working together we can deliver the highest quality and most distinctive client service in the business. [Insert Head of Assurance and or others as appropriate] [Insert date]
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks