What sources of information can auditors use in connection with deciding whether to accepts a new client?
Answer to relevant QuestionsWhy do predecessor auditors need to obtain the client’s consent to give information to prospective auditors? What information should prospective auditors try to obtain from predecessor auditors? What must external auditors do to use the work of audit specialists in the audit of an entity’s financial statements? List and briefly explain the eight basic audit procedures.What information would you expect to find in a permanent audit file?Which of the following is not a benefit claimed for the practice of determining materiality in the initial planning stage of an audit? a. Being able to fine- tune the audit work for effectiveness and efficiency. b. Avoiding ...
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