Accepting a new appointment p7
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The document outlines 4 steps for accepting a new audit appointment: 1) Check for any professional problems like independence or conflicts of interest. 2) Ensure sufficient resources and staff are available. 3) Get references from the company and directors. 4) Communicate professionally with the old auditors about the client and audit work.
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- 1. Accepting a New Appointment
- 2. Steps
- 3. Steps 1.油Any professional problems attached to accepting the engagement? (independence, a lack of expertise, con鍖ict of interest)
- 4. Steps 1.油Any professional problems attached to accepting the engagement? (independence, a lack of expertise, con鍖ict of interest) 2. Resources are available to complete the audit (sufficient staff available at the right time)
- 5. Steps 1.油Any professional problems attached to accepting the engagement? (independence, a lack of expertise, con鍖ict of interest) 2. Resources are available to complete the audit (sufficient staff available at the right time) 3. Get references (company and directors) = Client screening
- 6. Steps 1.油Any professional problems attached to accepting the engagement? (independence, a lack of expertise, con鍖ict of interest) 2. Resources are available to complete the audit (sufficient staff available at the right time) 3. Get references (company and directors) = Client screening 4. Discuss with the old auditors, the appointment, the client and the audit work. The method of communication should be a professional etiquette letter.
- 8. Client identi鍖cation Anti money laundering (He is who he says he is)
- 9. Client identi鍖cation Anti money laundering (He is who he says he is) Certi鍖cate of incorporation, headed letter paper, recent utility bill
- 10. Client identi鍖cation Anti money laundering (He is who he says he is) Certi鍖cate of incorporation, headed letter paper, recent utility bill Does the business make commercial sense
- 12. Communication with old auditors Get client permission (refuse if denied)
- 13. Communication with old auditors Get client permission (refuse if denied) If no information provided, accept or reject the engagement based on other available knowledge.
- 14. Communication with old auditors Get client permission (refuse if denied) If no information provided, accept or reject the engagement based on other available knowledge. 油
- 15. books & records
- 16. books & records Old Auditor has Right of lien (if not paid)
- 17. books & records Old Auditor has Right of lien (if not paid) 油Documents in auditors possession lawfully
- 18. books & records Old Auditor has Right of lien (if not paid) 油Documents in auditors possession lawfully Invoice sent and no dispute over fees.
- 19. books & records Old Auditor has Right of lien (if not paid) 油Documents in auditors possession lawfully Invoice sent and no dispute over fees. 油
- 20. books & records Old Auditor has Right of lien (if not paid) 油Documents in auditors possession lawfully Invoice sent and no dispute over fees. 油 Working papers belong to the auditor