Chapter 8

Question 1

What external sources auditors can look at to understand an entity?

Answer 1

Credit reference agencies
Industry serveys
Industry publications e.g trade journals
The Irish revenue produces similar info on its available website
Companies house searches

Question 2

How can a team member ensure they are properly briefed on a client?

Answer 2

Read;
Last years file
Permeant file
Correspondence file
Tax File

Talk;
Partner
Manager
Tax person
Last years senior
Firms industry specialist

Question 3

What are the two main ways laws and regualations should be considered?

Answer 3

Those affect preparation of FS

Those affect way client conducts its business