A1 Engagement Acceptance Terms

Question 1

Those Charged With Governance

Answer 1

Those charged with governance bare responsibility to oversee the obligation and strategic direction of an entity (BOD, Audit Committee).

Question 2

Engagement Letter

Answer 2

The engagement letter should include an addressee, objective and scope of audit, responsibilities of both the auditor & mgmt, ID applicable reporting framework, signature, & other relevant information.

Question 3

Audit Engagements

Answer 3

An audit consist of several stages: Engagement acceptance, assess risk & plan response, perform procedures & obtain evidence, form conclusions, & reporting.