You are a CPA and have accepted a new client for an audit engagement. You come to realize that the client’s industry is more complex and technical than your initial assessments. In fact, you realize you are not competent to audit in certain areas of this client. What are your options?
You are a CPA and have accepted a new client for an audit engagement. You come to realize that the client’s industry is more complex and technical than your initial assessments. In fact, you realize you are not competent to audit in certain areas of this client. What are your options?
Foundations of Business (MindTap Course List)
6th Edition
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Chapter15: Using Management And Accounting Information
Section: Chapter Questions
Problem 3DQ
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a - You are a CPA and have accepted a new client for an audit engagement. You come to realize that the client’s industry is more complex and technical than your initial assessments. In fact, you realize you are not competent to audit in certain areas of this client. What are your options?
b - Audits that involve information technology can require special technical knowledge and skill. Name two credentials (designations) that demonstrate competency in auditing information technology. Also, please name the organizations who sponsor these credentials.
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