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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???
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?
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