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Hi
There are often two statements written:
1. This is the first year your audit firm is doing the audit of the client
2. This is the first time you have been appointed as an audit manager to the audit of this client.I know that the first means this is the new audit client, but for the second statement, are there any audit risks, ethical and professional issues arise?
Thanks
I can’t think of anything in particular – it means that you have to “wear the hat” of someone coming new to the assignment – so you can’t make suppositions about what you would know already. Also, it may be that in the context of a particular scenario it is appropriate to be critical of work so far when it wouldn’t make sense that you be asked to be critical of your own work.
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