Question: The profession has issued numerous auditing standards in recent years to guide the acceptance of audit engagements as well as the relationship between the audit

The profession has issued numerous auditing standards in recent years to guide the acceptance of audit engagements as well as the relationship between the audit firm and the client.

Auditing question

Required:

a)List and briefly explain three preconditions that must be satisfied before an audit engagement can be accepted (6 marks).

b)List three professional matters that should be included in an audit engagement letter

( 3 marks).

c)What is best practice with respect to how oftenengagement letters with audti clients should be updated? ( 1 mark)

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