How do I use the Management Letters in Agile?
As required by ASA 265 and ASA 260, the auditor is required to communicate significant deficiencies and specific information to those charged with governance.
In Agile Audit, there two draft letters that have been prepared for you to use to assist with your communication to those charged with governance:
4-605 Management Letter
4-606 Governance Letter
Summary of Detailed Findings
Included within each of the above letters is an automated Summary of Detailed Findings table. This area includes a summary of detailed items that are linked directly to Risks, Controls or Issues, at which the auditor has identified as a significant deficiency or specific information that should be communicated to those charged with governance.
The Summary of Detailed Findings is made up of:
Risks
Controls
Issues
Risks table
The risks that appear in this table have been selected as Include in summary of communication to management risks.
The table will display the risk name, description, risk type and risk level. The icons displayed will also be consistent with the Risk & Controls screen.
Controls table
The controls that appear in this table have been selected as Report to Those Charged with Governance (TCWG) controls.
This table will display the control name, description, whether it is a key control and the impact of the control. The icons displayed will also be consistent with the Risk & Controls screen.
Issues table
The Issues that appear in this table have been created as Letter issues.
This table will display the description of the issue and the status of the issue.
Do we have to use the default Management Letters?
The Management Letters in Agile Audit are not compulsory. You are able to determine if you wish to utilise the default Agile letters or not via the OPT Optimiser.
