Ch 6. Tendering Flashcards
1
Q
Definition
A
Process of quoting a fee before work has been carried out. Has led to increased competition within the audit marketplace.
2
Q
Matters to consider (7)
A
- Resources
- Competences
- Independence
- Risks
- Specialist skills
- Potential for profitability
- Additional services
3
Q
Matters to consider (7)
A
- Resources
- Competences
- Independence
- Risks
- Specialist skills
- Potential for profitability
- Additional services
4
Q
What goes into a proposal? (7)
A
- Basis of the fee
- Nature, purpose and legal requirements of an audit
- Client requirement and how audit will meet them
- Audit methodology
- Outline of firm and personnel
- Assumptions made
- Ability of firm to offer other services.
