Audit Planning Memo
EXECUTIVE SUMMARY
OBJECTIVES OF THE AUDIT ENGAGEMENT
The objectives for the audit engagement are as follows: * to act as auditors of Ayala Land, Inc. and to express an opinion its consolidated financial statements in accordance with the requirements of the prescribed financial reporting framework; * to highlight key issues that have been of relevance in the forming of our audit opinions; * to serve as a framework for the audit; * to ensure that an effective and efficient audit is performed in order to adequately address the audit risk; * to assist in the preparation of supplementary schedules and income tax return for filing with the Securities Exchange Commission and Bureau of Internal Revenue, respectively; and * to make comments and recommendations regarding internal accounting controls and other aspects of the company’s operations;
INTRODUCTION AuditPro Management & Co., CPAs has been reappointed by the Board of Directors as the external auditor for Ayala Land, Inc. for the year period commencing 2011-12. This memorandum outlines how we will move toward the audit of the company in the year of our reappointment, and reflects our statutory duties and risk based approach.
This planning memorandum was prepared according to the envisaged audit strategy and is based on cumulative audit knowledge and experience, as well as important matters which have been brought to the attention of the auditors. During the planning process an understanding of the functioning of the department was obtained, including how it is organized and managed, and how it processes accounting and other information.
It should be noted that the planning of an audit is a continuous process and that the strategy and planned audit approach may change as new information comes to our attention during the course of the audit.
This document should ensure that expectations of all relevant parties are met and that the strategy takes full cognizance
OBJECTIVES OF THE AUDIT ENGAGEMENT
The objectives for the audit engagement are as follows: * to act as auditors of Ayala Land, Inc. and to express an opinion its consolidated financial statements in accordance with the requirements of the prescribed financial reporting framework; * to highlight key issues that have been of relevance in the forming of our audit opinions; * to serve as a framework for the audit; * to ensure that an effective and efficient audit is performed in order to adequately address the audit risk; * to assist in the preparation of supplementary schedules and income tax return for filing with the Securities Exchange Commission and Bureau of Internal Revenue, respectively; and * to make comments and recommendations regarding internal accounting controls and other aspects of the company’s operations;
INTRODUCTION AuditPro Management & Co., CPAs has been reappointed by the Board of Directors as the external auditor for Ayala Land, Inc. for the year period commencing 2011-12. This memorandum outlines how we will move toward the audit of the company in the year of our reappointment, and reflects our statutory duties and risk based approach.
This planning memorandum was prepared according to the envisaged audit strategy and is based on cumulative audit knowledge and experience, as well as important matters which have been brought to the attention of the auditors. During the planning process an understanding of the functioning of the department was obtained, including how it is organized and managed, and how it processes accounting and other information.
It should be noted that the planning of an audit is a continuous process and that the strategy and planned audit approach may change as new information comes to our attention during the course of the audit.
This document should ensure that expectations of all relevant parties are met and that the strategy takes full cognizance