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Chapter 7--Accepting the Engagement and Planning the Audit

Chapter 7--Accepting the Engagement and Planning the Audit There are four phases of an Audit : 1--accepting the Audit Engagement 2-- Planning the Audit 3--performing Audit tests 4-- reporting the findings The Audit Engagement decision is the result of two sets of decisions: the prospective client s and the proposed Audit firm s. We focus on the decision of the auditing firm. Client acceptance/retention decisions are critical due to three forces reshaping the Audit environment: 1--society s expectations about the independent auditor s role in maintaining the integrity of the securities markets are increasing; 2--legal liability expansion underscores the importance of the auditors assessments of the risk components of an Audit ; and 3--advances in information technology are changing the nature of the attestation process. Phase I--Accepting the Engagement In 1992, the AICPA recommended the use of an Engagement risk approach in client acceptance/retention decisions.

Chapter 7--Accepting the Engagement and Planning the Audit There are four phases of an audit: 1--accepting the audit engagement 2--planning the audit 3--performing audit tests 4--reporting the findings The audit engagement decision is the result of two sets of decisions: the ... analysis of the trend of the account, related financial ratios ...

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