Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p23
Version: federal_register_of_legislation:F2017C00509
Segment Type: other
Provision Reference: 
Character Range: 56934–59771

be mentioned in the verification engagement report.

4.6  Performing verification engagement
  In performing the verification engagement, the audit team leader must carry out the procedures agreed upon in the verification engagement terms and use the evidence gathered from performing those procedures:
 (a) to verify the matter being audited, if appropriate; and
 (b) to provide factual findings in the verification engagement report.

Division 4.4—Requirements relating to reporting on verification engagement

4.7  Reporting on verification engagement
 (1) This section provides for the preparation by the audit team leader of a verification engagement report for a verification engagement.
 (2) In preparing the report, the audit team leader must describe the purpose of the procedures performed during the verification engagement in sufficient detail to enable the Regulator to understand the nature, timing and extent of the procedures performed.
 (3) The report must be in writing and, when completed, must be signed and dated by the audit team leader.
 (4) The report must:
 (a) have a cover sheet containing the information specified in subsection (5); and
 (b) contain the information specified in section 4.8.
 (5) The cover sheet must contain the following information in respect of the verification engagement:
 (a) the name of the audited body;
 (b) the type of Part 6 audit carried out;
 (c) the date that the terms of engagement were signed as required by section 4.3;
 (d) the date that the audit team leader signed the verification engagement report;
 (e) the period of time in respect of which the matter to be audited was audited;
 (f) if an exemption has been granted under regulation 6.71 of the Regulations for the audit team leader or a professional member of the audit team—the details of the exemption;
 (g) if an exemption has been granted under regulation 6.71 of the Regulations for a conflict of interest situation—the details of the procedures for managing the conflict put in place by the audit team leader so that the Regulator is satisfied that the findings of the verification engagement will not be affected by that conflict;
 (h) the name and contact details for the person in the audited body who is the contact in respect of the verification engagement;
 (i) the name and contact details of the audit team leader, and if he or she worked for another person in carrying out the verification engagement, the name, and contact details of that other person;
 (j) the names and contact details of the professional members of the audit team.

4.8  Contents of verification engagement report
 (1) The verification engagement report must contain the following information:
 (a) the objective of the verification engagement;
 (b) the matter being audited;
 (c) the type of Part 6 audit carried out;
 (d) the