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In this chapter, students will be able to understand: explain why the decision to accept a client is important, and describe the primary features of client acceptance and continuance; indicate the purpose and content of an audit engagement letter; describe the decisions made by an auditor in preparing an audit plan, the knowledge on which the decisions are based and the procedures used to obtain that knowledge. | Chapter 6 Planning, Knowledge of the Business and Evaluating Business Risk 6- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Learning Objective 1: Client Acceptance 6- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Acceptance and continuance evaluation procedures Procedures carried out before accepting a new client or continuing with an existing client include: Reviewing financial information regarding the client; Making inquiries of third parties such as solicitors and bankers; Communicating with previous auditor; Ensuring that the firm has technical expertise to carry out audit; and Ensuring accepting engagement will not conflict with the profession’s code of professional conduct. 6- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Communication with previous auditor Communication ensures that the interests of shareholders, the incoming auditor and existing auditor are protected. It allows the existing auditor to advise the prospective auditor of any professional matters they should be aware of before accepting the engagement. Nominated incoming auditor should request client’s permission to communicate with previous auditor; If client refuses permission, normally decline nomination; and If permission is granted, the nominated auditor asks previous auditor for all information necessary to decide whether nomination should be accepted. 6- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Engagement Letters These letters are from the . | Chapter 6 Planning, Knowledge of the Business and Evaluating Business Risk 6- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Learning Objective 1: Client Acceptance 6- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Acceptance and continuance evaluation procedures Procedures carried out before accepting a new client or continuing with an existing client include: Reviewing financial information regarding the client; Making inquiries of third parties such as solicitors and bankers; Communicating with previous auditor; Ensuring that the firm has technical expertise to carry out audit; and Ensuring accepting engagement will not conflict with the profession’s code of professional conduct. 6- Copyright 2006 McGraw-Hill
