L5 Notes_Part_4 - proximity to auditor’s home 3 Training...

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© W.R. Knechel New Engagements: Things to Do Build a Relationship with the Client New Client Investigation Engagement Letters Communication with Predecessor Preliminary Planning: - Understand client business & information system -Evaluate strategic management -Administrative tasks (next slide) -Identify special conditions (next slide) Decide whether to accept client Determine audit fee www.nysscpa.org/cpajournal/old/12543349.htm
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© W.R. Knechel P5-30 Preliminary Steps before Beginning Fieldwork 1. Administrative 1. Budgets (time and cost) 2. Staffing continuity complexity, industry knowledge personnel career development staff availability (commitment to other engagements) can affect timing of audit procedures
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Unformatted text preview: proximity to auditor’s home? 3. Training and mentoring of staff 4. Initial introduction and briefing of staff 5. Timetable for completion of major segments of the audit 6. Conference with client (establish rapport; develop relationship) 1. Audit objectives 2. Need to client staff time 3. Schedules to be prepared by staff 4. Other issue likely to create contention like the state of the records when the auditor arrives 5. If initial year, discuss need to audit beginning A/C balances 6. Discuss fee and retainer arrangement 2. Preliminary survey of client information system 3. Special situations (other audit firm, IA reliance, spet)...
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L5 Notes_Part_4 - proximity to auditor’s home 3 Training...

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