Engagement Letter responsibilities for your financial statements
As part of your annual audit engagement letter and required by auditors, management is responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements, schedule of expenditures of federal awards, and all accompanying information in conformity with U.S. general accepted accounting principles. This is known as the skills, knowledge, and experience requirement related to management accountability for preparing the financial statements.
Are you comfortable with your level of qualification as stated in the engagement letter? If you are not confident that you meet these requirements or are not comfortable with this responsibility, seek an outside professional to help meet these requirements. A qualified independent accounting professional can provide an unbiased look at your draft financial statements and help you meet the requirements of the engagement letter. Maner Costerisan accounting professionals can be that additional resource, give us a call 517.323.7500.