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Appointments & quality p7 questions
1.
2.
Appointments Questions and
Quality
3.
RCA
4.
RCA
Question ‘ What is the ACCA guidance on what to do when 1 accepting an engagement?
5.
www.aCOWtancy.com
6.
‘ Do you want
this client? Agree terms RCA Send out in Answer Engagement letter www.aCOWtancy.com
7.
RCA
8.
RCA
Question ‘ What if you consider the ethical threats to 2 be insignificant?
9.
www.aCOWtancy.com
10.
‘ Accept and set
up safeguards Answer RCA www.aCOWtancy.com
11.
RCA
12.
RCA
Question ‘ What else must you consider before 3 accepting?
13.
www.aCOWtancy.com
14.
‘ Your own competence
Answer RCA www.aCOWtancy.com
15.
RCA
16.
RCA
Question ‘ What procedures must you carry out on 4 acceptance?
17.
www.aCOWtancy.com
18.
‘ Request to contact
old auditor RCA Discuss all info with old auditor Answer www.aCOWtancy.com
19.
RCA
20.
RCA
Question ‘ What if you dont get a reply from this etiquette 5 letter?
21.
www.aCOWtancy.com
22.
‘ Send again by
recorded delivery RCA Answer www.aCOWtancy.com
23.
RCA
24.
RCA
Question ‘What if the old auditor tells you there are 6 outstanding fees?
25.
www.aCOWtancy.com
26.
‘ It may be
ok. Just find out why Answer RCA www.aCOWtancy.com
27.
RCA
28.
RCA
Question ‘What goes into the engagement 7 letter?
29.
www.aCOWtancy.com
30.
‘ Scope & Objective Responsibilities Practical
arrangements RCA Answer Form of communication Fees www.aCOWtancy.com
31.
RCA
32.
‘
What if the terms change? RCA Question 8
33.
www.aCOWtancy.com
34.
‘ Issue new letter
Answer RCA www.aCOWtancy.com
35.
RCA
36.
RCA
Question ‘All client info that the auditor has must be 9 returned to the client, unless..?
37.
www.aCOWtancy.com
38.
‘ It’s under a
lien Answer RCA www.aCOWtancy.com
39.
RCA
40.
RCA
Question 10 ‘ What is a lien?
41.
www.aCOWtancy.com
42.
‘ If you’re owed
fees.. You can retain the records Answer RCA www.aCOWtancy.com
43.
RCA
44.
RCA
Question 11 ‘ What is a general lien?
45.
www.aCOWtancy.com
46.
‘ You can retain
the records Until ALL fees are paid Answer RCA www.aCOWtancy.com
47.
RCA
48.
RCA
Question 12 ‘ What is a particular lien?
49.
www.aCOWtancy.com
50.
‘ You can retain
particular records If work performed and fee agreed Answer RCA www.aCOWtancy.com
51.
RCA
52.
RCA
Question 13 ‘ Why have Quality control?
53.
www.aCOWtancy.com
54.
‘ Reduce Risk Increase confidence
in our firm Answer RCA www.aCOWtancy.com
55.
RCA
56.
RCA
Question 14 ‘ Give examples of how leaders enhance quality
57.
www.aCOWtancy.com
58.
‘ Training Meetings / briefings
Answer RCA www.aCOWtancy.com
59.
RCA
60.
RCA
Question 15 ‘ How does quality effect planning?
61.
www.aCOWtancy.com
62.
‘ People (trained) Risk focussed
work RCA Consult with experts Answer Safeguards for independence www.aCOWtancy.com
63.
RCA
64.
RCA
Question 16 ‘ What is a hot review?
65.
www.aCOWtancy.com
66.
‘ Review before report issued All
listed companies RCA Answer Public interest Risky www.aCOWtancy.com
67.
RCA
68.
RCA
Question 16 ‘ Why have a hot review?
69.
www.aCOWtancy.com
70.
‘ Quality of judgements eg
Independence, risks RCA Treatment of Answer misstatements Conclusions www.aCOWtancy.com
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