Acceptance Of Audit Engagement

Question 1

Acceptance of audit engagement

Answer 1

Here are the smart notes in a simplified form:

Acceptance and Continuance of Client Relationships and Audit Engagements

The engagement partner must:

1. Follow firm policies for accepting and continuing clients and audit engagements.
2. Consider important information when planning the audit.
3. Inform the firm immediately if any issues arise that may affect the audit engagement.