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Acceptance of audit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Acceptance of audit

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Kim Smith.
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  • Author
    Posts
  • August 25, 2020 at 11:40 am #581894
    maeesha
    Participant
    • Topics: 5
    • Replies: 3
    • ☆

    why are each of the following factors considered prior to accepting a new audit client
    1. The outgoing auditors response
    2. Management integrity
    3. Pre-conditions of an audit
    4. Independence and objectivity
    5. Resources available at the time of the audit

    August 25, 2020 at 12:10 pm #581900
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8356
    • ☆☆☆☆☆

    1. Because there may be some professional reason to not accept
    2. Because if management lacks integrity what is that likely to mean for internal controls and financial statements
    3. Because an audit cannot be accepted if either of the preconditions are not met (see bottom of
    page 20)
    4. Because it’s an INDEPENDENT auditor’s report
    5. Because insufficient resources would make the auditor incompetent/lacking in due professional care

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