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Meng & Associates offer their clients a variety of services, including: (a) Financial report audits; (b) Compliance audits; (c) Forensic audits; (d) Performance audits; (e)
Meng & Associates offer their clients a variety of services, including: (a) Financial report audits; (b) Compliance audits; (c) Forensic audits; (d) Performance audits; (e) Accounting services ; (f) Reviews; (g) Agreed upon procedures. Required: Select the most appropriate service from (a) to (9) above, for each of the following engagement requests from clients (1 - 6 below) and indicate what level of assurance each will provide. Each service applies only once: 1. A thorough assessment of the efficiency, effectiveness and economy of a company's waste reduction measures. 2. A request to check a sample of 10 invoices for each month of the year and report on the accuracy of calculations in these invoices. 3. Analysis of financial transactions to provide maximum possible assurance regarding unauthorised journal entries to conceal suspected inventory theft. 4. A request for a 'a bit more assurance' on a company's carbon emissions report, without incurring too much cost if possible. 5. A bank has requested an opinion on the truth and fairness of annual financial statements provided by an applicant for a loan. 6. A comprehensive check to provide an opinion on adherence to terms of a contract. Please set out your answer as per Example (i) below: Example (i): A sports club has captured all transactions for the year on the Club's computerised accounting system, but requires assistance with preparing the financial statements. Level of Assurance Client Example (i) Type of service (e) Accounting services None 1. 2. 3. 4. 5. 6
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