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Dear Kim,
I am going through a question re the matters which should be considered prior to accepting an audit. would the following point be considered relevant for such an answer;
1. conduct CDD
2. verify whether the entity change auditors frequently and whether it has any qualified reports
3. management should provide access to all the entity documentation
4. management responsibilities should be clearly explainedthank you
Ant
You could make an “ideas” list from the notes on page 20 – which obviously you would have to tailor to any specific scenario:
– ethical (in particular independence) requirements
– practical e.g. resources
– regulatory e.g. AML (includes CDD/KYC)
– professional e.g. communication with present auditor
– preconditions for the audit (covers your last 2 points)
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