Acceptance Stage

2 Pages

Financial Accounting
Course Code
Julie Mc Donald

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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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