The 12 partners of a regional public accounting firm met in special session to discuss audit engagement
Question:
We can’t charge our smaller clients fees for all of the time the staff spends on this work. I would like to propose that we give engagement partners discretion to decide whether to do a lot of work on assessing control risk. I may be old- fashioned, but I think I can finish a competent audit without it.” Discussion on the subject continued but ended when Martin said, with some emotion, “But we can’t disregard generally accepted auditing standards like Jones proposes!”
Required:
What do you think of Jones’s proposal and Martin’s view of the issue? Discuss.
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Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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