Asked by: Yelco Ganbartasked in category: General Last Updated: 27th April, 2020
What is client screening in auditing?
Click to see full answer.
Regarding this, what is screening a client?
Client screening is a process that can help ensure you are not taking on the wrong clients for your practice, that clients are not taking on the wrong lawyer for their legal matter, that there are no conflicts to representing the client, that there would be no undue delay in providing service to the client, and prior
Also, what are the major factors that should be considered before accepting the client? Such matters include:
- Integrity of management.
- Ability to serve the client.
- Acknowledgement' from management of its responsibility as regards financial statements.
- Compliance of ethical and independence requirements.
Regarding this, what factors should an auditor consider before accepting a company as an audit client?
Discuss the factors an auditor should consider before accepting a company as an audit client. Answer: The auditor should investigate and consider the prospective client's standing in the business community, financial stability, management's integrity, and relations with its bankers, attorneys, and previous CPA firm.
What are the preconditions of an audit?
Preconditions for an audit: The use by management of an acceptable financial reporting framework in the preparation of the financial statements and the agreement of management and, where appropriate, those charged with governance to the premise on which an audit is conducted.