Appointments & quality p7 questions
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Appointments & quality p7 questions

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Appointments & quality p7 questions Appointments & quality p7 questions Presentation Transcript

  • Appointments Questions and Quality
  • RCA
  • RCA Question ‘ What is the ACCA guidance on what to do when 1 accepting an engagement?
  • www.aCOWtancy.com
  • ‘Do you want this client?Agree terms RCASend out in AnswerEngagement letter www.aCOWtancy.com
  • RCA
  • RCA Question ‘ What if you consider the ethical threats to 2 be insignificant?
  • www.aCOWtancy.com
  • ‘Accept and set upsafeguards Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question ‘ What else must you consider before 3 accepting?
  • www.aCOWtancy.com
  • ‘Your own competence Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question ‘ What procedures must you carry out on 4 acceptance?
  • www.aCOWtancy.com
  • ‘Request to contact oldauditor RCADiscuss all info with oldauditor Answer www.aCOWtancy.com
  • RCA
  • RCA Question ‘ What if you dont get a reply from this etiquette 5 letter?
  • www.aCOWtancy.com
  • ‘Send again by recordeddelivery RCA Answer www.aCOWtancy.com
  • RCA
  • RCA Question ‘What if the old auditor tells you there are 6 outstanding fees?
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  • ‘It may be ok.Just find out why Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question ‘What goes into the engagement 7 letter?
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  • ‘Scope & ObjectiveResponsibilitiesPractical arrangements RCA AnswerForm of communicationFees www.aCOWtancy.com
  • RCA
  • ‘ What if the terms change?RCA Question 8
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  • ‘Issue new letter Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question ‘All client info that the auditor has must be 9 returned to the client, unless..?
  • www.aCOWtancy.com
  • ‘It’s under a lien Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question 10 ‘ What is a lien?
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  • ‘If you’re owed fees..You can retain therecords Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question 11 ‘ What is a general lien?
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  • ‘You can retain therecordsUntil ALL fees are paid Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question 12 ‘ What is a particular lien?
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  • ‘You can retain particularrecordsIf work performed andfee agreed Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question 13 ‘ Why have Quality control?
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  • ‘Reduce RiskIncrease confidence inour firm Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question 14 ‘ Give examples of how leaders enhance quality
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  • ‘TrainingMeetings / briefings Answer RCA www.aCOWtancy.com
  • RCA
  • RCA Question 15 ‘ How does quality effect planning?
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  • ‘People (trained)Risk focussed work RCAConsult with experts AnswerSafeguards forindependence www.aCOWtancy.com
  • RCA
  • RCA Question 16 ‘ What is a hot review?
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  • ‘Review before reportissuedAll listed companies RCA AnswerPublic interestRisky www.aCOWtancy.com
  • RCA
  • RCA Question 16 ‘ Why have a hot review?
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  • ‘Quality of judgementseg Independence, risks RCATreatment of AnswermisstatementsConclusions www.aCOWtancy.com