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L5 Notes_Part_9 - Ramifications Suppose there isn't a prior...

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P5-29 Predecessor/Successor Auditor Communication AU315 Why do we need this standard? Can you submit a proposal before speaking with the prior auditor? Can you accept the engagement prior to speaking with the prior auditor? Are you required to communicate with the prior auditor? SAS 84 What are the four questions the successor should ask the predecessor? What are the responsibility of the prior auditor? What is customary? When and to how many potential successors must the predecessor respond? What is a Limited Response and what circumstances does it suggest? Must the communication be in writing? Must you keep information so gained confidential if you do not accept the job? Is permission required of the client? Suppose it is not given?
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Unformatted text preview: Ramifications Suppose there isn't a prior auditor, what other sources might you use? What is the nature of the information you seek? Discuss resignation, dismissal, strategic dismissal, G/L withheld, © W.R. Knechel Engagement Letters AU 310 1. Why? a. avoid misunderstandings with the client b. minimize potential liability (ex: 1136 Tenants) c. promote good relations with client personnel d advertises other services 2. What does it contain? P5-31 a. objective of engagement (e.g., audit) b. client’s responsibilities c. auditor’s responsibilities d. Limitations of the engagement e. other services, (e.g., timing –deadlines, need for assistance from client's employees, fees) 3. When should it be obtained?...
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