At the planning meeting for the audit of Deep Trawler Ltd for the year ended
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At the planning meeting for the audit of Deep Trawler Ltd for the year ended

Planning and Assessing Business Risk

Case 1

At the planning meeting for the audit of Deep Trawler Ltd for the year ended 30 June 2018, the audit partner, John Paine, presented the chief executive officer (CEO), Robert Goodfel-low, with an engagement letter and asked that he sign the letter as acknowledgment of the terms of the engagement. Robert had not seen an engagement letter before and indicated that he did not believe that there was any need for such a letter, as he understood the audi-tor’s duties and his own duties perfectly.

REQUIRED 

Discuss whether John should insist that the engagement letter be signed. Give reasons.

Hint
Accounts and FinanceAn engagement letter is defined as a written agreement that defines the business relationship to be entered into by a customer and a firm. The letter details the choice of the agreement, its terms, and costs. The aim of an engagement letter is to set hopes on both sides of the agreement....
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