Prepare the planning memo requested by the partner. Ensure your memo addresses acceptance procedures that must be considered and documented, materiality, risk, the audit approach and any other significant audit considerations The contract with the college must be completed by March 6, 2024. This contract is 20% complete as of today. The hospital project is estimated to take 18 months. It is 40% complete as of today. All projects must be completed according to "code". "Code" is the industry term for the quality standards put in place by the Ontario government on all construction. Projects are inspected on a regular basis and are shut down if code is not being adhered to. Further, the final payments to contractors (such as CA) cannot be made until the final inspections have taken place. This can often take months after the project is finished. Matt has admitted to having a few difficulties with code inspections during this year. He attributed it to the slightly different standards in the commercial sector vs. the residential sector that he is more familiar with. One project was shut down for several weeksbut is now up and operating. It is behind schedulebut still operating. Matt thinks he may lose money on that projectbut considers that a small cost for what they learned in the process. All estimates on project completion are made by Mattin consultation with the engineers on the project. Revenues and costs are recorded according to these estimates.

Answer rating: 100% (QA)

Your Firms Name Planning Memo Date Insert Date To Partners Name From Your Name Subject Planning for the Audit of Clients Name Acceptance Procedures Co... View the full answer