Printable Audit Management Letter
PRINTABLE AUDIT MANAGEMENT LETTER
November 25, 2052
Sigmund Corwin
Chief Financial Officer
WinGroup
Seattle, WA 98101
Dear Mr. Corwin,
We are writing to present the Audit Management Letter for the financial audit of [Your Company Name] for the fiscal year ending August 31, 2052. This letter provides a summary of our audit findings, key observations, and professional recommendations to improve your company's financial management practices.
Our audit identified issues in inventory valuation methods, gaps in internal controls regarding segregation of duties in accounts payable and payroll, and inconsistencies in revenue recognition for long-term contracts. To improve accuracy and compliance, we recommend adopting consistent, transparent inventory tracking, strengthening internal controls to prevent fraud, and aligning revenue recognition with current accounting standards.
Implement a reliable inventory tracking system to boost accuracy and minimize write-offs. Separate the responsibilities of staff who handle the approval and processing of payments, and regularly review all payroll records. Ensure your revenue recognition policy complies with current GAAP standards, especially for long-term contract reporting.
Please do not hesitate to contact us if you require any additional details or further clarification regarding our findings. We value our continued relationship and are committed to ensuring the accuracy and reliability of your financial reporting.
Sincerely,
[Your Name]
[Your Company Email]
Management’s Response
We acknowledge the findings and recommendations outlined in this letter. WinGroup appreciates the thoroughness and professionalism demonstrated by your team during the audit process. Steps will be taken to address the issues raised, particularly focusing on enhancing internal controls and revising our revenue recognition practices. We will keep you updated on our progress and welcome any further input you may have.
