Appointments & quality p7 questions

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Appointments & quality p7 questions

  1. 1. Appointments Questions and Quality
  2. 2. RCA
  3. 3. RCA Question ‘ What is the ACCA guidance on what to do when 1 accepting an engagement?
  4. 4. www.aCOWtancy.com
  5. 5. ‘Do you want this client?Agree terms RCASend out in AnswerEngagement letter www.aCOWtancy.com
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  7. 7. RCA Question ‘ What if you consider the ethical threats to 2 be insignificant?
  8. 8. www.aCOWtancy.com
  9. 9. ‘Accept and set upsafeguards Answer RCA www.aCOWtancy.com
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  11. 11. RCA Question ‘ What else must you consider before 3 accepting?
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  13. 13. ‘Your own competence Answer RCA www.aCOWtancy.com
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  15. 15. RCA Question ‘ What procedures must you carry out on 4 acceptance?
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  17. 17. ‘Request to contact oldauditor RCADiscuss all info with oldauditor Answer www.aCOWtancy.com
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  19. 19. RCA Question ‘ What if you dont get a reply from this etiquette 5 letter?
  20. 20. www.aCOWtancy.com
  21. 21. ‘Send again by recordeddelivery RCA Answer www.aCOWtancy.com
  22. 22. RCA
  23. 23. RCA Question ‘What if the old auditor tells you there are 6 outstanding fees?
  24. 24. www.aCOWtancy.com
  25. 25. ‘It may be ok.Just find out why Answer RCA www.aCOWtancy.com
  26. 26. RCA
  27. 27. RCA Question ‘What goes into the engagement 7 letter?
  28. 28. www.aCOWtancy.com
  29. 29. ‘Scope & ObjectiveResponsibilitiesPractical arrangements RCA AnswerForm of communicationFees www.aCOWtancy.com
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  31. 31. ‘ What if the terms change?RCA Question 8
  32. 32. www.aCOWtancy.com
  33. 33. ‘Issue new letter Answer RCA www.aCOWtancy.com
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  35. 35. RCA Question ‘All client info that the auditor has must be 9 returned to the client, unless..?
  36. 36. www.aCOWtancy.com
  37. 37. ‘It’s under a lien Answer RCA www.aCOWtancy.com
  38. 38. RCA
  39. 39. RCA Question 10 ‘ What is a lien?
  40. 40. www.aCOWtancy.com
  41. 41. ‘If you’re owed fees..You can retain therecords Answer RCA www.aCOWtancy.com
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  43. 43. RCA Question 11 ‘ What is a general lien?
  44. 44. www.aCOWtancy.com
  45. 45. ‘You can retain therecordsUntil ALL fees are paid Answer RCA www.aCOWtancy.com
  46. 46. RCA
  47. 47. RCA Question 12 ‘ What is a particular lien?
  48. 48. www.aCOWtancy.com
  49. 49. ‘You can retain particularrecordsIf work performed andfee agreed Answer RCA www.aCOWtancy.com
  50. 50. RCA
  51. 51. RCA Question 13 ‘ Why have Quality control?
  52. 52. www.aCOWtancy.com
  53. 53. ‘Reduce RiskIncrease confidence inour firm Answer RCA www.aCOWtancy.com
  54. 54. RCA
  55. 55. RCA Question 14 ‘ Give examples of how leaders enhance quality
  56. 56. www.aCOWtancy.com
  57. 57. ‘TrainingMeetings / briefings Answer RCA www.aCOWtancy.com
  58. 58. RCA
  59. 59. RCA Question 15 ‘ How does quality effect planning?
  60. 60. www.aCOWtancy.com
  61. 61. ‘People (trained)Risk focussed work RCAConsult with experts AnswerSafeguards forindependence www.aCOWtancy.com
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  63. 63. RCA Question 16 ‘ What is a hot review?
  64. 64. www.aCOWtancy.com
  65. 65. ‘Review before reportissuedAll listed companies RCA AnswerPublic interestRisky www.aCOWtancy.com
  66. 66. RCA
  67. 67. RCA Question 16 ‘ Why have a hot review?
  68. 68. www.aCOWtancy.com
  69. 69. ‘Quality of judgementseg Independence, risks RCATreatment of AnswermisstatementsConclusions www.aCOWtancy.com

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