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Audit Accepting a new appointment p7

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Audit Accepting a new appointment p7

  1. 1. Accepting a New Appointment
  2. 2. Steps
  3. 3. Steps 1. Any professional problems attached toaccepting the engagement? (independence, a lack of expertise, conflict of interest)
  4. 4. Steps 1. Any professional problems attached toaccepting the engagement? (independence, a lack of expertise, conflict of interest)2. Resources are available to complete the audit (sufficient staff available at the right time)
  5. 5. Steps 1. Any professional problems attached toaccepting the engagement? (independence, a lack of expertise, conflict of interest)2. Resources are available to complete the audit (sufficient staff available at the right time) 3. Get references (company and directors) = Client screening
  6. 6. Steps 1. Any professional problems attached toaccepting the engagement? (independence, a lack of expertise, conflict of interest)2. Resources are available to complete the audit (sufficient staff available at the right time) 3. Get references (company and directors) = Client screening 4. Discuss with the ‘old’ auditors, the appointment, the client and the audit work. The method of communication should be a professional etiquette letter.
  7. 7. Client identification
  8. 8. Client identificationAnti money laundering (He is who he says he is)
  9. 9. Client identification Anti money laundering (He is who he says he is)Certificate of incorporation, headed letter paper, recent utility bill
  10. 10. Client identification Anti money laundering (He is who he says he is)Certificate of incorporation, headed letter paper, recent utility bill Does the business make commercial sense
  11. 11. Communicationwith old auditors
  12. 12. Communicationwith old auditorsGet client permission (refuse if denied)
  13. 13. Communication with old auditors Get client permission (refuse if denied) If no information provided, accept or reject theengagement based on other available knowledge.
  14. 14. Communication with old auditors Get client permission (refuse if denied) If no information provided, accept or reject theengagement based on other available knowledge.  
  15. 15. books & records
  16. 16. books & recordsOld Auditor has Right of lien (if not paid)
  17. 17. books & records Old Auditor has Right of lien (if not paid) Documents in auditor’s possession lawfully
  18. 18. books & records Old Auditor has Right of lien (if not paid) Documents in auditor’s possession lawfully Invoice sent and no dispute over fees.
  19. 19. books & records Old Auditor has Right of lien (if not paid) Documents in auditor’s possession lawfully Invoice sent and no dispute over fees.  
  20. 20. books & records Old Auditor has Right of lien (if not paid) Documents in auditor’s possession lawfully Invoice sent and no dispute over fees.   Working papers belong to the auditor

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