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Audit Risk & Fee

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit Risk & Fee

  • This topic has 2 replies, 2 voices, and was last updated 7 years ago by Philip.
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  • Author
    Posts
  • December 1, 2015 at 10:46 am #286689
    Philip
    Member
    • Topics: 3
    • Replies: 4
    • ☆

    Hi,

    If an auditor leaves a condition in the engagement letter that if he finds errors he will want to renegotiate his fee to cover the additional work/time involved and the client is then not agreeable to the additional fees, should the auditor cease the audit work at that point or complete audit simply giving a disclaimer of opinion.

    Thank you for your time.

    December 1, 2015 at 3:31 pm #286744
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10191
    • ☆☆☆☆☆

    In most cases the sensible way to rpoceed would be to warn the client of an impending qualification or disclaimer. If the client refused to pay more then a qualification or disclaimer would be appropriate if the issue was material.

    A resugnation does little good for the shareholders to whom the auditor reports. Better that they get some audit information than none.

    I wouldn’t think that the auditor will stay for the following year’s audit however.

    December 1, 2015 at 3:39 pm #286747
    Philip
    Member
    • Topics: 3
    • Replies: 4
    • ☆

    cheers

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