Business Audit Summary Report

BUSINESS AUDIT SUMMARY REPORT

Report Identification

Audit Reference Number:    Audit Period: From to

WHEREAS

WHEREAS, Auditor Name: has been engaged to perform an examination of the business operations and financial controls of Client Name: for the audit period specified above; and

WHEREAS, the parties desire to document the scope, findings, recommendations and terms governing the performance of the audit engagement and the delivery of the audit summary report.

Scope of Work

The auditor performed tests of controls and substantive procedures limited to the agreed scope. Specific procedures performed are summarized below and are limited to the items listed; this report does not constitute an audit for the purpose of expressing an opinion on the entity's financial statements unless expressly stated.

Methodology

The methodology employed included risk assessment, control testing, transaction sampling, walkthroughs, interviews with management, and review of supporting documentation. Findings are based on procedures performed and evidence obtained during the engagement period.

Findings and Risk Ratings

Risk Ratings (select all applicable):  Low   Medium   High

Recommendations and Action Plan

Action Plan Responsible Person:    Target Completion Date:

Payment Terms

Audit Fee Amount:

Late Payment Fee:    Collection Costs:

Term and Termination

Engagement Start Date:    Engagement End Date:

Either party may terminate this engagement for cause upon written notice. Notice Period (days):

Confidentiality

All information obtained by the Auditor in the course of the engagement that is designated confidential or that a reasonable person would understand to be confidential will be maintained in confidence by the Auditor and used solely for the purpose of performing the engagement and preparing this report. The Auditor may disclose Confidential Information only (a) to employees or subcontractors who have a need to know and are bound by confidentiality obligations, or (b) as required by law, in which case the Auditor will provide notice to the Client where permitted.

Client acknowledges that audit workpapers and drafts remain the property of the Auditor but final deliverables will be provided to Client. Client agrees to protect Auditor's workpapers from unauthorized disclosure.

Governing Law

This Report and any agreement arising from this engagement shall be governed by and construed in accordance with the laws of the State of without regard to conflict of law principles.

Entire Agreement

This Report, together with any engagement letter and related schedules expressly incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter and supersedes all prior agreements and understandings, whether written or oral. Any amendments must be in writing and signed by authorized representatives of both parties.

Attachments and Appendices

Certification

The undersigned Auditor certifies that the procedures described herein were performed with professional care and that, to the best of the Auditor's knowledge and belief, the information contained in this Business Audit Summary Report fairly presents the matters disclosed. The Client acknowledges receipt of this report and agrees to consider the recommendations and implement corrective actions where appropriate.

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