L5 Notes_Part_6 - from a small local concern into a...

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New client acceptance: Factors within the control of the auditor 1. Expertise and staffing: Does the firm have the requisite staff available who possess or can obtain the needed expertise for completing the engagement on a timely basis in accordance with professional standards? 2. Independence: Is the firm independent of the client so as to be able to provide an opinion that is perceived to be unbiased? 3. Other attributes: Does have the geographical coverage, partnership capital and reputation, best professional staff
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LS1: Ethics Case You are one of 56 partners in a high quality regional CPA firm of Muskal and Silvers, LLP. Due in good measure to the quality and frequency of your advice, one of your clients has grown
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Unformatted text preview: from a small local concern into a successful regional company. It needs capital from a public offering to go national. Though the underwriters have advised them to engage a Big 4 firm, the owner knows he owes his success to you and wants to give you first right of refusal. The billing of the client has grown over the years and it is painful to see the loss of the firms largest client. The firm has not audited a publicly listed company before but understands this entails complying with SEC filing regulations. What are the ethical implications of Muskal and Silvers accepting this engagement? List the additional complications involved in an SEC audit....
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L5 Notes_Part_6 - from a small local concern into a...

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