際際滷

際際滷Share a Scribd company logo

Accepting a new appointment p7

Download as ZIP, PDF
J
josianne1977

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.

1 of 20
Download to read offline
Accepting a New Appointment
Steps
Steps 1.Any professional problems attached to accepting the engagement? (independence, a lack of expertise, con鍖ict of interest)
Steps 1.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)
Steps 1.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
Steps 1.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.
Client identi鍖cation
Client identi鍖cation Anti money laundering (He is who he says he is)
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
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
Communication with old auditors
Communication with old auditors Get client permission (refuse if denied)
Communication with old auditors Get client permission (refuse if denied) If no information provided, accept or reject the engagement based on other available knowledge.
Communication with old auditors Get client permission (refuse if denied) If no information provided, accept or reject the engagement based on other available knowledge.
books & records
books & records Old Auditor has Right of lien (if not paid)
books & records Old Auditor has Right of lien (if not paid) Documents in auditors possession lawfully
books & records Old Auditor has Right of lien (if not paid) Documents in auditors possession lawfully Invoice sent and no dispute over fees.
books & records Old Auditor has Right of lien (if not paid) Documents in auditors possession lawfully Invoice sent and no dispute over fees.
books & records Old Auditor has Right of lien (if not paid) Documents in auditors possession lawfully Invoice sent and no dispute over fees. Working papers belong to the auditor

More Related Content

Accepting a new appointment p7

  • 1. Accepting a New Appointment
  • 3. Steps 1.Any professional problems attached to accepting the engagement? (independence, a lack of expertise, con鍖ict of interest)
  • 4. Steps 1.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.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.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.
  • 16. books & records Old Auditor has Right of lien (if not paid)
  • 17. books & records Old Auditor has Right of lien (if not paid) Documents in auditors possession lawfully
  • 18. books & records Old Auditor has Right of lien (if not paid) Documents in auditors possession lawfully Invoice sent and no dispute over fees.
  • 19. books & records Old Auditor has Right of lien (if not paid) Documents in auditors possession lawfully Invoice sent and no dispute over fees.
  • 20. books & records Old Auditor has Right of lien (if not paid) Documents in auditors possession lawfully Invoice sent and no dispute over fees. Working papers belong to the auditor

Editor's Notes