In order to plan the audit properly the audit team

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Unformatted text preview: d strategies). The engagement partner or manager ensures that the audit team is composed of team members who have the appropriate audit and industry experience for the engagement. The partner or manager also determines whether the audit will require the involvement of spets (e.g., information technology (IT), actuarial, or tax spets). The independence of the auditor from the client in terms of freedom from prohibited relationships that might threaten the auditor’s objectivity must also be established up front. Finally, the auditor establishes an understanding with the client regarding the services to be performed and the terms of the engagement. Such terms would include, for example, the responsibilities of each party, the assistance to be provided by client personnel and internal auditors, the timing of the engagement, and the expected audit fees. Chapter 3 addresses the preliminary engagement activities of the audit process in more detail. Plan the Audit Proper planning is important t...
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