ACC 4200?iPAC 1?iPAC Tips and Suggestions

Assignment 1 (Review client background information)

Review the following Rules from the AICPA Code of Professional Conduct:

? Rule 101: Independence

? Rule 301: Confidential Client Information

Review the following authoritative literature:

? AS 9: Audit Planning

? AS 10: Supervision of the Audit Engagement

? AU 315: Communications between Predecessor and Successor Auditors

Review pages 78 through 83 (packet pages 128 through 133) in Chapter 3 of your textbook

The engagement letter (workpapers 4.1 through 4.3) is missing two key phrases; both of which should be included on the first page (WP 4.1)

? An excellent guide to determine what two key phrases are missing, is the section beginning near the bottom of page 2 of the assignment, beginning with the phase, The engagement letter includes the following information:

? Make these changes, initial, and date the workpapers

? Other details to be aware of:

? Your client is private, not public, therefore

There is no audit of, nor opinion given, on the internal controls over financial reporting, and

The auditing standards should be generally accepted auditing standards in the United States, and not, auditing standards of