Question

How to produce an audit memorandum to the partner-in-charge?

Answer 1

Audit Memorandum: Audit Memorandum is the final step in the audit process. It reports to the findings of an audit to the client. It summarizes all the phase of an audit.

Partner-in-charge: Partner in charge is the person who will be front man of all the business transactions in a partnership business.

Audit Memorandum to Partner-in-charge

1. Introduction: Outline of the financial result of audit.

2. Summary: List the details of physical audit of existing inventory.

3. Draft an outline of the existing book inventory and it comparison with physical count.

4. Explanation of financial difference between the book and physical inventory.

5. Audit of the current ongoing contract of the company.

6. Details about the audit regarding employees like their salary, hours of work etc

7. summarizes the report according to your audit with some recommendation.