1121 Planning Meeting Minutes

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planning meeting minutes

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<p>Date: October 28, 2008</p> <p>Date: August 15, 2011Time: 3:30PM.Location of meeting: PCTPL Karachi Office</p> <p>Audit Client: PCTPLYear Ended: June 30, 2011The meeting was attended by: </p> <p>NameResponsibility</p> <p>Mr. A. D. AkhawalaEngagement Partner</p> <p>Mr. Muhammad FaisalSupervisor</p> <p>Mr. Abdul MoizJob Incharge</p> <p>Mr. Uzair AlamSenior</p> <p>Mr. Muhammad Ammar Semi Senior</p> <p>Following matters were discussed in the meeting:</p> <p>Sr. #Minutes of Meeting</p> <p>1The field work for the audit of current year is to be commenced from August 22, 2011.</p> <p>2Classification of Engagement RiskThe engagement risk will be taken as Normal.</p> <p>3Critical Component for Materiality</p> <p>It was decided that the Revenue will be used as critical component for the calculation of planning materiality.</p> <p>4 Risks discussed as per agenda</p> <p> Valuation of inventory Unrecorded liabilities</p> <p> Debtors recoverability Revenue Recognition</p> <p>5Following account balances were considered as significant for current year audit</p> <p> Stock in trade</p> <p> Trade debtors</p> <p> Revenue</p> <p> Taxation</p> <p>6Further matters are also emphasized by the engagement partners which are as follows:</p> <p> Companies document for registeration and incorporation should be obtained and should be filed in permanent file.</p> <p>8Engagement Partner has emphasized on risk based approach as well as documentation of such risks.</p> <p>9The engagement partner strongly emphasizes the proper documentation of all audit procedures performed during the audit and provide short briefing on audit methodology.</p> <p>10Target time for the completion of audit was decided as follows:</p> <p> 3 weeks for field work (subject to availability of information) 1 week for finalization</p> <p>11Supervisor discussed the risk associated with the client.</p> <p>Prepared By: Abdul MoizReviewed By: FaisalApproved By: A. D. Akhawala</p>

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