Describe the statutory and ethical procedures that you should follow before and after accepting appointment

Expert Solution

PROCEDURE BEFORE ACCEPTING THE APPOINTMENT:

1. Check Qualification Status: Before Accepting the Audit, we should check are we statutory and ethically compatible to accept the audit i.e. there should not be any kind of disqualifications for acceptance of Audit

2. Competence: We Should also ensure that before accepting any appointment the firm of its members should have the adequate technical competence to complete the Job.

3. Ethical Matter: We Should Ensure that No Staff of Audit Team Hold Shares or any time of Beneficiary Interest in the Audit Firm which can influence the Decision of the Individual.

4. Risk Assessment and Time Involved: We Should also assess the Risk being Inherent, Control and Uncontrolled Risk associated with the Project. Henceforth we can decide the Time, Audit Procedures and Process to Design.

PROCEDURE AFTER ACCEPTING THE APPOINTMENT:

1. Appointment Process is Duly Complied With: We Have to ensure that all the necessary. forms and disclosures relating to appointment have been duly completed and no process, document or any other thing is pending thereof.

2. Aggreging Upon Engagement Letter: On the Stage of Final Acceptance, before starting of any audit procedure we have to ensure that the Engagement Letter is duly Signed by the Client and it states all the Significant terms, policies and procedure of the Engagement.

3. Communication With the Previous Auditor: We Should once communicate with the previous Auditor and ensure that the Removal of the Previous Auditor is due to the same reason as explained by the management and conducted in accordance with the statue.

4. Ensure all Precondition to Audit are fulfilled: Ensure that the Firm has Prepared final accounts as per Applicable Financial Reporting Framework, and also it has proper Internal Control in place to avoid any material misstatement. Also One has to Ensure that the Auditor should have access to all Information and records.

ekkarill92 answered 1 year ago

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