Asked by: Cataisa Paepke
asked in category: General Last Updated: 25th June, 2020

What are the responsibilities of the successor and predecessor auditor when a company is changing auditors?

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.

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Also question is, what is a successor auditor?

A successor auditor is the outside auditor of an organization that replaces the predecessor auditor. Thus, the successor auditor conducts the audit for the current year when there was a predecessor auditor in the immediately preceding year.

Beside above, what is the purpose of Predecessor Successor Auditor communications? The purpose of the predecessor-successor auditor communications is to help an auditor determine if a firm should engage with a new client.

Also to know, what inquiries should the successor auditor make of the predecessor auditor?

Information that might bear on the integrity of management. ? Disagreements with management about accounting policies, auditing procedures, or other similarly significant matters.

What is the purpose of an engagement letter what subjects should be covered in such a letter?

An engagement letter is a written agreement that describes the business relationship to be entered into by a client and a company. The letter details the scope of the agreement, its terms, and costs. The purpose of an engagement letter is to set expectations on both sides of the agreement.

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