The standard formats and templates of communications and reports will be part of the Technical Library provided by True and Fair Professionals Network, which would not be made available as part of ADOC. Such templates will be available on subscription basis (it’s a separate subscription than that of ADOC). The following formats (illustrative) would be part of the Technical Library.
Document for evaluation of the client- Know Your Client (KYC)
Request for ‘No Objection Certificate’ (NOC) from predecessor auditor
Communication of resignation / intent to resign
Declaration of independence
Understanding joint auditors and joint audit plan
Communication with Management and TCWG including communication of audit plan
Format of external confirmations pertaining to:
Property, plant and equipment with third parties
Investments- details of holdings, terms, net asset value, etc.
Advances (including capital advances)
Inventory with third parties
Bank balances (including deposits)
Terms of contracts
Legal and compliance
Management representation letter (standalone and consolidated)
Communication with those charged with governance (TCWG) - Audit conclusion and reporting
Audit reports, including reporting on Internal Controls over Financial Reporting (IFCoFR) and Companies (Auditor’s Report) Order (‘CARO’) 2020 (standalone and consolidated)
Minutes of discussion with the joint auditors - during the execution of the audit - significant matters
Referral instructions to component auditors
Note -the above lists are not exhaustive and only illustrative.