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preconditions to an audit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › preconditions to an audit

  • This topic has 3 replies, 2 voices, and was last updated 11 years ago by MikeLittle.
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  • May 1, 2014 at 5:51 am #166977
    romes
    Member
    • Topics: 10
    • Replies: 20
    • ☆

    Hi, can u tell me exactly when the preconditions to an audit are determined? Is it before acceptance? Is it at the point of the engagement meeting???

    May 4, 2014 at 9:04 am #167328
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23323
    • ☆☆☆☆☆

    In the preliminary meeting following the prospective client’s approach, the auditor will discuss with this new prospect the company’s business and activities in order to determine whether, in the auditor’s mind, the firm is capable and willing to accept the invitation to be nominated as auditor. During that meeting the auditor should establish the “ground rules” under which the auditor will undertake the assignment.

    Once appointed, the auditor will then send the engagement letter repeating clearly those pre-conditions in order to avoid future misunderstanding and potential dispute

    OK?

    May 6, 2014 at 5:58 am #167587
    romes
    Member
    • Topics: 10
    • Replies: 20
    • ☆

    Thank you for the comprehensive explaination. Much appreciated

    May 6, 2014 at 3:41 pm #167651
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23323
    • ☆☆☆☆☆

    You’re welcome

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