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Correct FR framework
Integrity
For FS prepared using appropriate FR framework Fundamental principles (CIO, PP) For IC
Objectivity
Act diligently
Provide auditor
Professional Behaviour
Self-Review
Unless law/regulation
Intimidation
Acceptance
Advocacy
Sympathetic
Report to be issued ***Independence and Code of Ethics Objective Engagement Letter Mgmt's responsibility Self-Interest
Financial
Audit fee
Personal
Family member
Report form Non-audit service Scope of audit using SSAs and CA Prohibited if
Inherent limitation of audit (can't discover all material errors) Content Dependent Provide access to auditor to relevant records
APPOINTMENT
Overdue
Contingent Mgmt representation letter required Lowballing Request client conrmation of terms Close relationship with client Fee calculation and billing arrangements Gift/hospitality Prior to commencing audit Timing Other situations Perceived/threatened litigation Discuss why with mgmt and explain need Client refuses to sign If still refuse, consider withdrawing Fee to cover cost and risk Aware of any matter Purpose why shouldn't accept engagement Expertise needed Approval to communicate with existing auditor Competence and Due Care Sufficient time Permission refused: decline appointment Competing with rm Permission granted: write to existing auditor Professional Clearance Procedure Matters to Consider (FOCC, IRR) Conict Of Interests Direct competitor of existing client Other Services High enough
Independence No response from existing auditor: try other means of communication Risk If didn't bother to respond Still no reply: send nal letter to existing auditor informing of decision to accept appointment Lodge complaint with professional body Resource Size
Relationships or situations
Management integrity
Opinion shopping
Timing