What information may auditors use to make a decision on whether or not to accept a new customer

Q: Given what you have learned about independence, do you believe that there would be a…

A: Definition: Auditor’s Opinion: It is a written statement describing an auditor’s liberated,…

Q: What should an auditor do if they discover they have forgotten to perform a substantive procedure?

A: Audit Procedure: A specific procedure undertaken by an auditor to procedure evidence in a particular…

Q: Why do you think it is so difficult to find an actual report? b. If you found an auditor’s report,…

A: a.It is difficult to find an actual report because  of following reasons: 1.  Challange : Reporting…

Q: Why would a company hire internal auditors if they already have an external auditor?

A: Internal audit is the internal department of the organization which performs checks to ensure…

Q: The auditor should seriously consider the profitability of the engagement , when he decides whether…

A: The auditor should seriously consider the profitability of the engagement , when he decides whether…

Q: What considerations should an auditor take into account before taking a job? Explain.

A: Auditing involves an independent examination of financial records of the entity with a view to…

Q: When would an auditor be hired to perform a compliance audit.

A: An independent professional who is responsible for the examination of the financial statements of an…

Q: What is a post-audit, why do firms use them, and what problems can arise when they are used?

A: Post Audit: It is a technique that is used for the evaluation of performance by comparing the actual…

Q: When gaining an understanding of the client by speaking with the management of the client, the…

A: An auditor is a person who is appointed to check the accuracy of the financial statements prepared…

Q: t an audito

A: The temptation to interpret data in a way that supports assumptions might seduce an audit and derail…

Q: What are the job responsibilities of the external auditors and how it is different from internal…

A: 1.External auditors generally review the financial statements  through out the year . 2.External…

Q: What questions should be asked by an auditor prior to taking an engagement?

A:

Q: Explain why managers who outsource their IT function may or may not also outsource responsibility…

A:

Q: n deciding whether to accept a new manufacturing client, the auditor arranges a tour of the…

A: Answer: Concept: While accepting and conducting any audit, auditor must do the walk through of the…

Q: What form of internal control documentation will an auditor likely use when they are not personally…

A: An Auditor is the person qualified as a Chartered Accountant who takes care of Audit.

Q: Provide a detailed example as to what might cause an auditor/audit firm to decline taking on a new…

A: Audit engagement: Audit engagement is the act done by the auditor/audit firm to accept the audit of…

Q: What do you know about contingent fees? In what kind of situation contingent fees happen? Please…

A: Contingent fees: The obligation to pay the fee arises when the results of the suit are in favour of…

Q: What considerations should an auditor take into account before taking a new engagement? Explain.

A: Introduction: A financial audit is a systematic examination and evaluation of an organization's…

Q: What sources of information can auditors use in connection with deciding whether to accept a new…

A: Definition: Auditing: Auditing is the process by which assertions made by management about financial…

Q: A document which the auditor receives from client ,but which was prepared by someone outside the…

A: Auditing is the process of examination or verification of books of accounts of the business in order…

Q: Auditors are required on every engagement to obtain a representation letter from the client.   a.…

A: a. The letter of representation from the client is regarded as supporting audit evidence. They are…

Q: Auditor conducts employee interview as a part of evaluation of internal control a. To understand…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: What audit procedures can be used to verify officers’ compensation?

A: Audit procedures are those procedures or techniques which are followed through the auditors, in…

Q: How should a successor auditor respond to a client's refusal to permit communication with the…

A: Inquiry of the predecessor auditor is a necessary procedure because the predecessor auditor may be…

Q: Which clientele auditors choose to work with is influenced by ethical guidelines.

A: This question explains about auditors choose to work with is influenced by ethical guidelines.…

Q: what are the auditor Rules for Independence regarding the services they can offer the same client?

A: Auditing is the process of evaluation of companies' financial statements and reports by the auditor…

Q: How will you explain the Auditing Process to someone who has experience in Auditing firm?

A: Audit can be defined as the verification and evaluation of the financial statements that includes…

Q: What type of audit report does a client typically want or hope for?

A: Audit report is the statement wherein the auditor gives its view on the financial statements of an…

Q: Under what circumstances would an auditor choose to confirminformation such as the right of return…

A: The right of return is the right to the customer to return the product to the supplier. The goods…

Q: Where would an auditor find the proper authorization that indicates it is okay to pay a vendor?

A: Auditor: Auditors are defined as officials appointed by an organization to monitor and analyze the…

Q: Impact of Changing Rules. Many companies outsource their internal audit function to CPA…

A: Certified Public Accountant (CPA): CPA is the accountant who is certified and licensed to examine…

Q: do family firms need audit ? explain   what do we mean by auditors considering various risks related…

A: According to the size of company, volume of transactions and style of functioning the management can…

Q: ethical or unethical) on the following computations of the auditor's fee:

A: [Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Choosing whether or not to accept a new client may be a difficult decision for auditors to make.

A: Definition: Auditing: A company's financial transactions are audited by an auditor (internal or…

Q: Which factor should be considered appropriate to have rotation of auditors   Select one:   a. A…

A: The auditor is the person who audits the books of the company. The auditor verifies all the reports…

Q: Before taking a job as an auditor, what things should they keep in mind? Explain.

A: Introduction: A financial audit is a systematic examination and evaluation of an organization's…