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What are the Threats to Auditors independence?
Some threats to an auditors independence are as followed:Self-interest threat - when the auditor on the engagement team could benefit in some way or form (financially for example) with the clientFamiliarity threat - when the auditor has some form of a close relationship with the client (be it the top management or employees, or the firm) which may cause them to be generous and sympathetic when assessing the clientIntimidation threat - when the auditor is deterred from acting in an objective, professional manner as a result of threats (real or not) from the clientSelf-review threat- when the auditor is hired to review/evaluate any product or judgment that they themselves were responsible for preparing (from a previous engagement) in order to reach a conclusionAdvocacy threat - when the auditor promotes the client (their business, the client themselves, etc) to the point that objectivity may be (perceived) to be impaired
How an auditor engagement letter to client?
An auditor engagement letter is a formal agreement between the auditor and the client that outlines the scope of the audit, the responsibilities of both parties, and the terms of the engagement. It typically includes details such as the objectives of the audit, the timeline, fees, and any specific reporting requirements. This letter helps establish clear expectations and serves as a legal document that protects both the auditor and the client throughout the audit process. It is essential for ensuring transparency and mutual understanding before the audit begins.
What are purpose of audit working paper?
Working papers are the evidence of work done by the auditor, he should prepare working papers in order to provide evidence that audit was properly performed according to ISA standards. Working papers support auditor, in-case he is being sued in court by the client, for negligence of audit work.
Can auditors do valuation of client's business?
Generally, no, as they do not have the technical training to perform the work required. Also, there are many cases where performing the valuation was create an independence issue and disqualify the auditor's firm from performing the audit.
What are some general client Confidentiality concerns that may properly affect audit planning decisions?
Client confidentiality laws are strict to allow for maximum privacy. Auditors are required to look at a significant amount of personal client information. Some basic concerns would be the number of auditors hired to look at the information, the level of understanding and respect each auditor has for privacy laws, and the system needed to insure that auditors only see the amount of information they need and nothing more than that.
What various defenses may auditor use in defending against a suit brought by a client?
An auditor may defend against a suit brought by a client by showing that they conducted the audit in accordance with professional standards, that the client's losses were not caused by the auditor's actions, or that the client failed to provide accurate information. Additionally, the auditor may argue that the client's claims are time-barred or that the damages claimed are unreasonable.
What are the key factors that contribute to a successful client-lawyer relationship?
Effective communication, trust, mutual respect, clear expectations, and a shared commitment to achieving the client's goals are key factors that contribute to a successful client-lawyer relationship.
What is remunerated?
The audit fee payed by client to the auditor.
What is auditors remuneration?
The audit fee payed by client to the auditor.
What is the auditor's responsibility for finding error and fraud?
identified by the client
What are the Threats to Auditors independence?
Some threats to an auditors independence are as followed:Self-interest threat - when the auditor on the engagement team could benefit in some way or form (financially for example) with the clientFamiliarity threat - when the auditor has some form of a close relationship with the client (be it the top management or employees, or the firm) which may cause them to be generous and sympathetic when assessing the clientIntimidation threat - when the auditor is deterred from acting in an objective, professional manner as a result of threats (real or not) from the clientSelf-review threat- when the auditor is hired to review/evaluate any product or judgment that they themselves were responsible for preparing (from a previous engagement) in order to reach a conclusionAdvocacy threat - when the auditor promotes the client (their business, the client themselves, etc) to the point that objectivity may be (perceived) to be impaired
How an auditor engagement letter to client?
An auditor engagement letter is a formal agreement between the auditor and the client that outlines the scope of the audit, the responsibilities of both parties, and the terms of the engagement. It typically includes details such as the objectives of the audit, the timeline, fees, and any specific reporting requirements. This letter helps establish clear expectations and serves as a legal document that protects both the auditor and the client throughout the audit process. It is essential for ensuring transparency and mutual understanding before the audit begins.
What are the key factors that contribute to a strong and effective lawyer-client relationship?
The key factors that contribute to a strong and effective lawyer-client relationship include clear communication, trust, mutual respect, confidentiality, and a shared understanding of goals and expectations. These elements help establish a foundation of collaboration and cooperation, leading to a successful partnership between the lawyer and client.
What are the key factors that contribute to a successful lawyer-client relationship?
Effective communication, trust, mutual respect, clear expectations, and confidentiality are key factors that contribute to a successful lawyer-client relationship. Open and honest communication, understanding of each other's roles, and a strong foundation of trust are essential for a positive and productive partnership between a lawyer and their client.
What has the author Elaine Austin written?
Elaine Austin has written: 'Investigation into the factors which determine the success of the client-consultant relationship'
How is effective communication to the nurse client relationship?
how ie effective communication central to the nurse client relationship
How is effective communication central to the nurse-client relationship?
how ie effective communication central to the nurse client relationship
