What is the purpose of the communication between the successor and the predecessor auditor?
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This preview shows page 14 - 16 out of 25 pages. 5) Discuss the required communications between predecessor and successorauditors. Get answer to your question and much more 6) Discuss several reasons why an auditor may not wish to continue a relationshipwith an existing audit client. Get answer to your question and much more 7) Discuss four of the matters that should be specified in an engagement letter. Get answer to your question and much more We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Systems Analysis and Design in a Changing World Jackson/Satzinger Expert Verified •reference to the expected form and content of the audit report•the engagement's limitation•an agreement as to any other services to be provided.•restrictions to be imposed on the auditor's work•deadlines for completing the audit•assistance to be provided by the client's personnel in obtaining records and documents andschedules to be prepared for the auditor•agreement on fees•auditor cannot guarantee that all acts of fraud will be discovered8) Define the term "related party" and discuss why an auditor should identify theclient's related parties early in the audit. Get answer to your question and much more Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 25 pages? Upload your study docs or become a Course Hero member to access this document We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Systems Analysis and Design in a Changing World Jackson/Satzinger Expert Verified
The predecessor auditor should ordinarily permit the successor auditor to review working papers, including documentation of planning, internal control, audit results, and other matters of continuing accounting and auditing significance, such as the working paper analysis of balance sheet accounts, and those relating to What is the information should a successor auditor obtain during the inquiry of the predecessor auditor before accepting engagement *?The successor auditor must obtain sufficient appropriate evidential matter to afford a reasonable basis for expressing an opinion on the financial statements he or she has been engaged to audit, including evaluating the consistency of the application of accounting principles. What is the responsibility of a successor auditor to communicate with the predecessor?The successor auditor has no responsibility to contact the predecessor auditor. When one auditor succeeds another the successor auditor should request?9. The successor auditor should request the client to authorize the predecessor to allow a review of the predecessors working papers What is the responsibility of a successor auditor to communicate with the predecessor auditor in connection with prospective new client?The successor auditor has no responsibility to contact the predecessor auditor. b. The successor auditor should obtain permission form the prospective client to contact the predecessor auditor. Which of the following inquiries should be made of a predecessor auditor before accepting a new client engagement?Before accepting an engagement to audit a new client, a CPA is required to obtain: The prospective clients consent to make inquiries of the predecessor. The understanding with the client regarding a financial statement audit generally includes which of the following matters? The responsibilities of the auditor. What are the responsibilities of the successor and predecessor auditor when a company is changing auditors?what are the responsibilities of the successor and predecessor auditors when a company is changing auditors? the new auditor who is the successor is required to initiate communication with the predecessor auditor in order to help determine whether to accept the engagement. What is a potential successor auditor’s responsibility for communicating with the predecessor auditors?The successor auditor has the responsibility to initiate contact with the predecessor auditor to ask about the client before the engagement is accepted; the predecessor has no responsibility to initiate this contact, even when aware of matters bearing on the integrity of management. What is the information should a successor auditor obtain during the inquiry of the predecessor auditor before accepting engagement?The successor auditor must obtain sufficient appropriate evidential matter to afford a reasonable basis for expressing an opinion on the financial statements he or she has been engaged to audit, including evaluating the consistency of the application of accounting principles. What are the responsibilities of the successor and predecessor auditors when a company is changing auditors?The predecessor auditor should ordinarily permit the successor auditor to review working papers, including documentation of planning, internal control, audit results, and other matters of continuing accounting and auditing significance, such as the working paper analysis of balance sheet accounts, and those relating to What is the purpose of Predecessor Successor auditor communications?what are the responsibilities of the successor and predecessor auditors when a company is changing auditors? the new auditor who is the successor is required to initiate communication with the predecessor auditor in order to help determine whether to accept the engagement. What is a potential successor auditors responsibility for communicating with the predecessor?The successor auditor has the responsibility to initiate contact with the predecessor auditor to ask about the client before the engagement is accepted; the predecessor has no responsibility to initiate this contact, even when aware of matters bearing on the integrity of management. Who shall initiate the communication between a successor auditor and predecessor?what are the responsibilities of the successor and predecessor auditors when a company is changing auditors? the new auditor who is the successor is required to initiate communication with the predecessor auditor in order to help determine whether to accept the engagement. What responsibilities does the predecessor auditor have if any regarding the successor auditor’s inquiries according to the auditing standards?successor auditor Why the new auditor successor is required to communicate with the predecessor auditor?The predecessor auditor should ordinarily permit the successor auditor to review working papers, including documentation of planning, internal control, audit results, and other matters of continuing accounting and auditing significance, such as the working paper analysis of balance sheet accounts, and those relating to What is a successor auditor?The successor auditor should communicate to the predecessor auditor any information that the predecessor auditor may need to consider in accordance with section 561, Subsequent Discovery of Facts Existing at the Date of the Auditors Report, which sets out the procedures that an auditor should follow when the auditor What are the responsibilities of the successor and predecessor auditors?The predecessor auditor should ordinarily permit the successor auditor to review working papers, including documentation of planning, internal control, audit results, and other matters of continuing accounting and auditing significance, such as the working paper analysis of balance sheet accounts, and those relating to Who is responsible for initiating the communication between the predecessor and successor auditors?successor auditor What are the responsibilities of the new and previous auditors when a company is changing auditors?what are the responsibilities of the successor and predecessor auditors when a company is changing auditors? the new auditor who is the successor is required to initiate communication with the predecessor auditor in order to help determine whether to accept the engagement. What is a potential successor auditor’s responsibility for communicating with the predecessor auditors when dealing with a prospective new client?The predecessor auditor should ordinarily permit the successor auditor to review working papers, including documentation of planning, internal control, audit results, and other matters of continuing accounting and auditing significance, such as the working paper analysis of balance sheet accounts, and those relating to When an audit client changes its auditor the successor auditor should?The successor auditor has the responsibility to initiate contact with the predecessor auditor to ask about the client before the engagement is accepted; the predecessor has no responsibility to initiate this contact, even when aware of matters bearing on the integrity of management. Which of the following does a successor auditor inquire from the predecessor auditor before accepting an audit engagement?The predecessor auditor should ordinarily permit the successor auditor to review working papers, including documentation of planning, internal control, audit results, and other matters of continuing accounting and auditing significance, such as the working paper analysis of balance sheet accounts, and those relating to What is the responsibility of a successor auditor to communicate with the predecessor auditor?The predecessor auditor should ordinarily permit the successor auditor to review working papers, including documentation of planning, internal control, audit results, and other matters of continuing accounting and auditing significance, such as the working paper analysis of balance sheet accounts, and those relating to What is a potential successor auditor’s responsibility?The successor auditor has no responsibility to contact the predecessor auditor. What is the purpose of the communication between the successor and the predecessor auditor?The successor auditor should communicate to the predecessor auditor any information that the predecessor auditor may need to consider in accordance with section 561, Subsequent Discovery of Facts Existing at the Date of the Auditors Report, which sets out the procedures that an auditor should follow when the auditor What is the purpose of predecessor successor auditor communication?The purpose of the predecessor-successor auditor communications is to help an auditor determine if a firm should engage with a new client.
Who is responsible for initiating the communication between the predecessor and successor auditors?5-2 The successor auditor is responsible for initiating the communication with the predecessor auditor. However, the successor auditor should request permission of the prospective client before contacting the predecessor auditor.
What is the rule before we communicate with the predecessor auditor?According to the Code of Professional Conduct, if a successor auditor communicates with a predecessor auditor for purposes of determining whether there is any reason for the successor auditor not to accept an engagement previously held by the predecessor auditor, the predecessor auditor must promptly reply.
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