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[Insert firm name] is pleased to present the 2011 Audit and Assurance Services Manual.
General
The Manual includes policies and procedures pertaining to the audit and assurance
services practice that are to be followed by all partners and employees. Exceptions may
be made only when permission is obtained in advance from appropriate national office
personnel or where departures are expressly permitted.
Commitment to Excellence
The firm is committed to excellence. This commitment, which is a cornerstone of Grant
Thornton’s global values, connotes conduct and services that meet the highest ethical
and professional standards and, like perfection, is an ideal we must strive for
continuously. Therefore:
Partners and employees must bear in mind that the firm's commitment to
professional excellence entails dedication to the highest goals of the
profession, particularly in connection with audit quality, when reporting on
clients' financial statements. This commitment takes precedence over any
other objective of the firm or any client.
We must safeguard our reputation and the public perception of our
integrity and objectivity. Accordingly, we are selective in accepting clients
and will follow processes established by the firm for assessing the
background and reputation of prospective new clients.
We carefully consider the nature of any services we are asked to provide
to present and prospective clients, limiting our practice to those clients to
whom we can truly provide outstanding services. We cannot be "all things
to all people" and we should not try.
In evaluating potential engagements and the manner in which we inform
clients and the business community of our services and capabilities, we
take care that public confidence in our integrity and commitment to
professional excellence is not diminished.
In financial reporting engagements:
– independence, in fact and in appearance, is to be maintained in all
engagements where it is required or professionally warranted
– particular attention is to be directed to understanding the entity's
business and the environment in which it operates, and to ensuring
that any specialized knowledge required by the engagement is
appropriately brought to bear
– accounting issues are to be resolved in accordance with the
appropriate standards based on our understanding of the substance of
the underlying transactions, not their form
– an attitude of professional skepticism is to be maintained
– clients should be urged to adopt accounting and reporting practices
that we believe are appropriate in the circumstances
In performing engagements of any nature:
– integrity, objectivity and due care are to be exercised by all personnel
– in applying the policies and procedures in the firm's manuals and other
materials, attention should be directed to the spirit, as well as the letter
of such policies
– when we learn that a client or we may have made a material error in a
prior engagement, we will deal with the matter in a forthright,
professional manner
The firm's manuals present policies, procedures and other guidance to help us do this.
These, and other materials of the firm, can only be effective if they are implemented by
personnel who share the firm's commitment to excellence.
[Tailor this paragraph to reflect standard setters / regulators that are applicable in your
country] The firm has adopted policies and procedures to implement the foregoing
concepts and to implement the quality control standards established by IFAC. Pursuant
to such standards, the adequacy of the firm's quality control system and compliance
therewith are subject to various external evaluations. For example, each year the firm is
subject to inspection by _________ and every three years a peer review is conducted
on our firm under the _______ standards. The report on the peer review is available to
our clients and other interested parties.
[Tailor this paragraph to reflect the tone and content that is appropriate for your firm]
The firm recognizes that human beings are fallible and that, in the profession’s legal and
regulatory climate, a perceived or imagined error, no matter how small, might form a
basis for litigation or regulatory actions against the firm and individual partners and staff.
The firm will zealously defend all personnel who perform their responsibilities in an
honest, conscientious manner. On the other hand, the firm will discipline partners and
staff for carelessness and intentional violations of firm policies or professional
standards.
In summary, the AASM is designed to help you understand the professional standards
that form the foundation of the auditing profession. Where those standards are rigid, you
are expected to apply them with precision and consistency. Where those standards
allow for flexibility, you are expected to employ reasonable judgment in designing and
executing auditing procedures that will support your conclusions. At any point, if you
have questions or concerns, you have the ability and even the obligation to reach out to
the national office for support. The auditing profession is a high calling that requires a
team effort. Working together we can deliver the highest quality and most distinctive
client service in the business.
[Insert date]