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Business Studies

Importance and Features of Business Environment

For auditors,...

Question

For auditors, which of the following document generally contains the scope of work ?

A

Appointment letter

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B

Terms of engagement

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C

Offer letter

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D

None of the above

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Solution

The correct option is B Terms of engagement
Terms of engagement.
Terms of engagemet refers to a letter of engagement which is entered between the client and the auditor prior to commencement of an audit mentioning the scope of work to avoid misunderstandings which may arise subsequently.

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