What inquiries should the successor auditor make of the predecessor auditor?
The successor auditor should request permission from the prospective client to make an inquiry of the predecessor auditor prior to final acceptance of the engagement.
What responsibilities does the predecessor auditor have if any regarding the successor auditor’s inquiries according to the auditing standards?
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 if the predecessor auditor refuses to give the current auditor of a Nonissuer access to the documents what should the current auditor do?
If the predecessor auditor refuses to give the current auditor of a non-issuer access to the documentation, what should the current auditor do? Review the risk assessment of the opening balances of the financials.
What is the responsibility of a successor auditor to communicate with the predecessor?
What is the responsibility of a successor auditor with respect to communicating with the predecessor auditor in connection with a prospective new audit client? The successor auditor should obtain permission from the prospective client to contact the predecessor auditor.
What is the responsibility of a successor auditor SA with respect to communicating with the predecessor auditor PA in connection with a prospective new client?
Establishing the management’s assertion. 5-2 What is the responsibility of a successor auditor with respect to communicating with the predecessor auditor in connection with a prospective new audit client? a. The successor auditor has no responsibility to contact the predecessor auditor.
What are the responsibilities of the successor and predecessor auditor when a company is changing auditors?
and helps avoid misunderstandings with client. 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 are the responsibilities of the successor and predecessor auditors when a company is changing auditors?
What is a potential successor auditor’s responsibility for communicating with the predecessor auditors when dealing with a prospective new client?
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 would a successor auditor ask the predecessor auditor to provide after accepting an audit engagement?
Which of the following would a successor auditor ask the predecessor auditor to provide after accepting an audit engagement? Matters that may facilitate the evaluation of financial reporting consistency between the current and prior years.
What do you do if an audit is not in balance?
If the audit is not in balance, the Night Auditor shall thoroughly review:
- Account transactions.
- Statements.
- Vouchers.
- Support documents.
- Departmental source documentation.
What is the primary purpose of reviewing predecessor auditors workpapers?
In addition, the client acknowledges that the purpose of the working papers review is to obtain an understanding of the client and the predecessor’s audit to assist the successor in planning the current audit.
What information should a successor auditor obtain during the inquiry of the predecessor auditor prior to acceptance of the audit?
i) Information about integrity of management. ii) Disagreement with management concerning auditing procedures. iii) Review of internal control system.
Who is the predecessor auditor?
A predecessor auditor is an auditor who conducted the audit for a client in prior periods, but who no longer does so. This situation arises in any of the following circumstances: The client has notified the auditor that his or her contract will not be renewed for future audits.
What is a predecessor in auditing?
Which of the following information should a successor auditor obtain during the inquiry of the predecessor auditor before accepting engagement Mcq?
i) Information about integrity of management.
What is comfort letter in auditing?
A comfort letter is a business document that is intended to assure the recipient that a financial or contractual obligation with another party can and will be met. The sender is often an independent auditor or accountant.
What is management letter from the auditors?
Management Letter means a letter prepared by the auditor which discusses findings and recommendations for improvements in internal control, that were identified during the audit and were not required to be included in the auditor’s report on internal control, and other management issues.
When manager appoints any interned employee to do the audit work before the external auditor then it is known as *?
C. Interim audit. 2. This kind of audit is conducted generally between two annual audits.
What should be the frequency to obtain written confirmation of compliance with firm’s independence policies and procedures?
The Firm obtains written confirmation, at least annually, of compliance with its policies and procedures on independence from all Firm personnel and others, if any, who are required to be independent.
Are fees paid to the predecessor and successor auditor required to disclose?
Issuers that do not issue proxy statements are required to include disclosures in their annual filings. Q: When there has been a change in accountants during the year, should fees paid to both the predecessor and successor auditor be disclosed pursuant to Item 9 (e) of Schedule 14A? A: No.
How do unpaid prior professional fees affect auditor independence?
Q: How do unpaid prior professional fees affect auditor independence? A: Generally, prior year audit and other unpaid professional fees should be paid before a current audit engagement is commenced in order for the accountant to be deemed independent with respect to the current audit.
When is an accountant not a predecessor auditor?
3When the most recent financial statements have been compiled or reviewed in accordance with the Statements on Standards for Accounting and Review Services, the accountant who reported on those financial statements is not a predecessor auditor.
Are audit fees paid to the principal auditor required to be disclosed?
Q: Are the fees paid to the principal auditor of a sponsor for the audit of its employee benefit plan, regardless of whether paid by the sponsor or the plan, required to be disclosed in the sponsor’s proxy statement? A: Yes.