Welfare Association (WA) Management Letter Year Ended December 31, 2013. Contents. 1. Executive Summary 1.1 Introduction & Background 1.2 Summary of Observations 1.3 Prior Year Findings 2. Detailed Observations 2.1 Concentration of Grants Received
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We have completed our audit of Welfare Association for the year ended December 31, 2013.
As part of our examination we studied and evaluated the Welfare Association system of
Internal accounting controls to the extent we considered necessary in order to meet the
requirements of International Standards on Auditing. These standards require a study and
evaluation of internal accounting control only for the purpose of determining the nature,
timing and extent of auditing procedures necessary for expressing an opinion on the
Welfare Association’s financial statements. Our study and evaluation was, therefore, more
limited than would be necessary to express an opinion on the system of internal accounting
Control taken as a whole and would not necessarily disclose all material weaknesses in the
system of the Welfare Association’s internal accounting control.
Our work to date indicates that the internal controls and accounting systems are effective to
meet the requirements to effectively manage the Welfare Association. Our work, however,
Indicates certain areas where the Welfare Association’s internal control systems and
accounting procedures may be enhanced. This report covers those areas of significance
identified to date, which require your kind attention.
This report has been prepared solely for the use of the Senior Management of
Welfare Association and is not appropriate for use by third parties.
We have listed below a summary of our observations. The detailed observations and recommendations are in Section 2 of this report.
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