2. Audit quality and pre-engagement activities

Question 1

2. What are the 5 Ethical Principles?

Answer 1

Integrity
Objectivity
Professional Competence and Due Care
Confidentiality
Professional Behaviour

Question 2

2. What does the engagement letter documents and confirms at a minimum?

Answer 2

• • Auditor’s acceptance of the appointment.
• • Objective and scope of the audit.
• • Extent of the auditor’s responsibilities to the entity.
• • Form of any reports.