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What is the responsibility of a successor auditor with respect to communicating with the predecessor auditor in connection with a prospective new audit client? The successor auditor should obtain permission from the prospective client to contact the predecessor auditor. Engagements are adequately supervised. What are the responsibilities of the successor and predecessor auditor when a company is changing auditors? what are the responsibilities of the successor and predecessor auditors when a company is changing auditors? the new auditor who is the successor is required to initiate communication with the predecessor auditor in order to help determine whether to accept the engagement. What is the primary purpose of this communication between the new successor and old predecessor auditors?The purpose of the communication is to help the successor auditor evaluate whether to accept the engagement. While the burden of initiating the communication rests on the successor auditor, the predecessor auditor must respond to the request for information. What does a predecessor auditor need to do before reissuing a report? Current period and those of the other periods presented. A predecessor auditor should complete the following before reissuing a report on statements presented on a comparative basis: Read the financial statements of the current period and obtain a letter of representation from the current-year, successor auditor. What is the information should a successor auditor obtain during the inquiry of the predecessor auditor before accepting engagement?The successor auditor must obtain sufficient appropriate evidential matter to afford a reasonable basis for expressing an opinion on the financial statements he or she has been engaged to audit, including evaluating the consistency of the application of accounting principles. How can I communicate with previous auditors? Communication with the Retiring Auditor through E-mail In the opinion of the Council, communication by a letter sent “Registered Acknowledgement due” or by hand against a written acknowledgement would in the normal course provide such evidence.” What factors should an auditor consider prior to accepting an engagement explain?Assuming independence and requisite technical abilities, the pre- acceptance evaluation of a prospective audit engagement normally focuses on three factors: 1) personal integrity of the prospective client’s management and principals, 2) presence of circumstances pointing towards unusual risks in the engagement or … What is the purpose of the requirement in having communication between the predecessor and successor auditors? The purpose of the requirement in having communication between the predecessor and successor auditors is to: allow the predecessor to disclose information which would otherwise be confidential. How do you revise an audit report?“The report of audit furnished under this rule may be revised by the person by getting revised report of audit from an accountant, duly signed and verified by such accountant, and furnish it before the end of the relevant assessment year for which the report pertains, if there is payment by such person after furnishing … What does it mean to reissue an audit report? An independent auditor may also be requested by his or her client to furnish additional copies of a previously issued report. Use of the original report date in a reissued report removes any implication that records, transactions, or events after that date have been examined or reviewed. Which of the following inquiries should be made of a predecessor auditor before accepting a new client engagement?Before accepting an engagement to audit a new client, a CPA is required to obtain: The prospective client’s consent to make inquiries of the predecessor. The understanding with the client regarding a financial statement audit generally includes which of the following matters? The responsibilities of the auditor. What is a predecessor auditor? 02 For the purposes of this section, the term predecessor auditor refers to an auditor who (a) has reported on the most recent audited financial state- ments1 or was engaged to perform but did not complete an audit of the financial statements2 and (b) has resigned, declined to stand for reappointment, or been notified … What should a successor auditor do for a client?Other Communications .11 The successor auditor should request that the client authorize the predecessor auditor to allow a review of the predecessor auditor’s working papers. Why is an inquiry of the predecessor auditor necessary? Inquiry of the predecessor auditor is a necessary procedure be cause the predecessor may be able to provide the successor with in formation that will assist him in determining whether to accept the engagement. The successor should bear in mind that, among other How does a prede cessor communicate with a successor auditor?The initiative in communicating rests with the successor auditor. The communication may be either written or oral. Both the prede cessor and successor auditors should hold in confidence information obtained from each other. This obligation applies whether or not the successor accepts the engagement. When does the statement on auditing standards apply? This Statement applies whenever an independent auditor has been retained, or is to be retained, to make an examination of financial statements in accordance with generally accepted auditing standards. 2. The initiative in communicating rests with the successor auditor. What is the responsibility of a successor auditor to communicate with the predecessor auditor in connection?What is the responsibility of a successor auditor with respect to communicating with the predecessor auditor in connection with a prospective new audit client? The successor auditor should obtain permission from the prospective client to contact the predecessor auditor. Engagements are adequately supervised.
What is the responsibility of a successor auditor with respect to communicating with the predecessor auditor in connection with a protective new audit client?The successor auditor has no responsibility to contact the predecessor auditor.
When should a successor auditor communicate with a predecessor auditor?The successor auditor should communicate to the predecessor auditor any information that the predecessor auditor may need to consider in accordance with section 561, Subsequent Discovery of Facts Existing at the Date of the Auditor's Report, which sets out the procedures that an auditor should follow when the auditor ...
What is a potential successor auditor's responsibility for communicating with the predecessor auditors when dealing with a prospective new client?The successor auditor has the responsibility to initiate contact with the predecessor auditor to ask about the client before the engagement is accepted; the predecessor has no responsibility to initiate this contact, even when aware of matters bearing on the integrity of management.
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What is the responsibility of a successor auditor to communicate with the predecessor auditor in connection with a prospective new client?
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