Auditing Assignment

Part A The auditing process creates many great relationships betwixt various parties. One of the main problematic relationships is between the meeter and the client. The most important decision is to accept the client or not by the hearer. A wrong decision testament cost the auditor from financial loss in pull together audit fees or potential litigation, tarnish auditors credibility or image. As mentioned, the consequences maybe very serious, therefore, it is important to dedicate a client acceptance procedures in home base to get rid of risky business in accordance with auditing standards, which are indicated by an asprosphy. The client acceptance decision is an extremely important part of the audit process because of the potential veto impact on the audit firm. hearers also face a hugh amount of risk by providing services to clients, firms are circularize to risk of their business. Auditors business risk plunder be explained as risk to the auditor by relations with the client, result in potential litigation cost, effects on fee realization, auditors credibility or image. As mentioned, the consequences maybe very serious, therefore, it is important to have choose a client with much consideration. It is also an important to issue from the auditing standards.

The initiatory step in client acceptance process is to have an acceptance decision process. The first step we need to * approximate is the integrity of Oceans management. The auditor need to present his opinion on the financial statement this is prepaired by its management. Auditor also need to identify if the management can be trusted to do business with. Its required by practice of law to ask permission from Ocens to communicate with existing auditor. If the postulation is denied, an auditor should decline the engagement (unless there are olympian circumstances) (P. 226). If the permission is granted, the auditor need to ask the existing auditor in writing to supply all the information required. The auditor may also obtain information... If you want to get a full essay, order it on our website: Ordercustompaper.com

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