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MGAD10H3 (4)

Acceptance Stage

2 Pages
93 Views
Fall 2011

Department
Financial Accounting
Course Code
MGAD10H3
Professor
Julie Mc Donald

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MGTD60 Accept Stage
Obtain and review financial info about
prospective clientDetermine purpose and main users of
F/S and acct basis being used
(annual statements, annual info forms,
interim F/S)
Evaluate independence of auditor and PA Ability to comply with ethical
requirements with potential auditee
Evaluate competency and resourcesAbility to perform audit, including
specialized skills
(info sys auditing, special industry
knowledge)
Understand business risks and determine
mgmts willingness to accept responsibility
for F/S
Obtain info from mgmt
Acceptable framework
Implement adequate controls to reduce
risk of error or fraud
Look for news reports, consult with auditees
banker, legal counsel or others to assess
integrity of mgmt
Gain attention to indicators relating to
integrity of owners, mgmt, governance
Communicate with previous auditorInfo on integrity of mgmt
Disagreements with mgmt on acct
principles or procedures
Reasons for chg of auditors
Obtain info for planning audit
Determine auditability F/S in accordance with GAAP
Mgmt understand responsibilities for F/S
and I/C
Mgmt commitment to providing written
representations or other scope
limitations
Obtain engagement letterDocument expectations, scope,
limitations
Eliminate risk of misinterpreting needs
or expectations of other party
May set audit fee from time estimates
Financial reporting framework to be
used
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Description
MGTD60 Accept Stage Obtain and review financial info about Determine purpose and main users of prospective client FS and acct basis being used (annual statements, annual info forms, interim FS) Evaluate independence of auditor and PA Ability to comply with ethical requirements with potential auditee Evaluate competency and resources Ability to perform audit, including specialized skills (info sys auditing, special industry knowledge) Understand business risks and determine Obtain info from mgmt mgmts willingness to accept responsibility Acceptable framework for FS Implement adequate controls to reduce risk of error or fraud Look for news reports, consult with auditees Gain attention to indicators relating to banker, legal counsel or others to assess integrity of owners, mgmt, governance integrity of mgmt Communicate with previous auditor Info on integrity
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