Page 5 - PowerPoint Presentation
P. 5

AN OVERVIEW OF THE AUDIT PROCESS


            Preliminary Stage




            • Procedures that take place before an audit engagement

                is accepted.



            • Includes the following;




                    • Procedures to determine whether or not the audit

                       engagement should be accepted (whether or not to

                       continue with client, in case of an existing client)


                    • Whether the client can be appropriately serviced


                    • Whether the firm will be able to comply with ethical

                       requirements (e.g independence issues…)


                    • Establishing the terms of engagement (usually takes the

                       form of an Engagement Letter)







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