Student or Learner
Please correct if it is necessary.
Please refer to your letter dated 14th April 2011, regarding planning the audit strategy for the year ended 30th June 2011. Please note that the company management is fully aware the company activities the following assertions are monitored by the management.
- All assets exist.
- All sales transaction have been recorded
- Inventories are properly valued
- Accounts Payable /Receivable
- All transaction occurred in the financial year
- All amounts are property presented and disclosed in the financial statement.
To safeguard the assets of the company records an authentic accounting software has been acquired by the company to record error free transactions of data entries. It saves time money and manpower. These control activities may include electronic or mechanical controls (such as a safe, employee ID cards, cash registers, fireproof files, and locks) or computer-related controls dealing with access privileges or established backup and recovery procedures.
The management has signed the all financial reports. On the hand they have authorized their two managers of the company to operate the company bank account jointly. In this connection of a resolution has been passed by the board of directors of the company. This resolution is being enclosed for your information.