Stephen Hu, CPA, from Taipei, Taiwan, has just accepted a new client, Kiwan Xou. The company will
Question:
Stephen Hu, CPA, from Taipei, Taiwan, has just accepted a new client, Kiwan Xou. The company will be audited under the ISA and IAS standards. The client will be given an audit opinion and a management letter. The fees are based on hourly fees, will take 125 hours, and will involve one senior (TD 3,500 per hour), two staff auditors (TD 2,800 per hour) and a partner (TD 5,000 per hour). Out-of-pocket expense is estimated at TD 65,000. The payments will be 33% at the beginning of the audit with the balance at the end of the audit.
Required:
Based on the above information, write an engagement letter to Kiwan Xou from Stephen Hu.
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Related Book For
Principles of Auditing An Introduction to International Standards on Auditing
ISBN: 978-0273768173
3rd edition
Authors: Rick Hayes, Philip Wallage, Hans Gortemaker
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