Chapter 5 Power Point

Chapter 5 Power Point - Chapter 5 Client Acceptance and...

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Chapter 5 Client Acceptance and Continuance and Preliminary Engagement Procedures Prepared by Adrianne E. Slaymaker, D.B.A. CPA
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Overview of Client Acceptance Exhibit 5-1 Learning Objective #1
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Steps Before the Audit Begins Exhibit 5-2 Learning Objective #1
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Opportunity for a New Client The audit firm receives a Request for Proposal (RFP). Rainmaking: A process of selling services, which is primarily restricted to private company audits, or services for non-audit public companies. The audit firm considers the general reputation of the client in deciding whether to pursue the potential new client. Learning Objective #3
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Conflict of Interest Wait Period Learning Objective #3
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Investigating the Potential Client Learning Objective #3 Exhibit 5-3
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Potential Client Bus ines s Activities Learning Objective #3 Auditors investigate a potential client’s business activities for at least three reasons. They desire to: 1) determine whether the activities are within the audit firm’s area of industry and audit expertise. 2) confirm that the company’s activities are compatible with the firm’s preferences for its client portfolio. 3) assess whether the company’s activities are too risky for the firm to be willing to be associated with the company.
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Researching the Potential Client Learning Objective #3 Exhibit 5-5
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Learning Objective #3 Is management competent? Do members of management have the expertise
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Chapter 5 Power Point - Chapter 5 Client Acceptance and...

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