Podcast
Questions and Answers
What is the primary reason for the predecessor accountant to provide information to the proposed accountant?
What is the primary reason for the predecessor accountant to provide information to the proposed accountant?
- To provide all relevant facts and other information concerning the identified or suspected non-compliance (correct)
- To obtain permission to discuss the client's affairs
- To obtain approval from the client before sharing information
- To comply with paragraph R320.8(b) regulations
What should the proposed accountant do if they are unable to communicate with the predecessor accountant?
What should the proposed accountant do if they are unable to communicate with the predecessor accountant?
- Request permission from the client to access the predecessor accountant's information
- Report the matter to the relevant regulatory authority
- Abandon the audit appointment and withdraw from the engagement
- Take reasonable steps to obtain information about the circumstances of the change of appointment by other means (correct)
What is the main consideration for the predecessor accountant when deciding what information to provide to the proposed accountant?
What is the main consideration for the predecessor accountant when deciding what information to provide to the proposed accountant?
- The proposed accountant's level of experience
- The client's permission to disclose information
- The regulatory requirements for information disclosure
- The predecessor accountant's own professional judgment (correct)
What is one of the options available to the proposed accountant to obtain information about the circumstances of the change of appointment?
What is one of the options available to the proposed accountant to obtain information about the circumstances of the change of appointment?
In what circumstances may the predecessor accountant be prohibited from providing information to the proposed accountant?
In what circumstances may the predecessor accountant be prohibited from providing information to the proposed accountant?
What may the professional accountant consider when assessing the circumstances of the change of appointment?
What may the professional accountant consider when assessing the circumstances of the change of appointment?
What is a necessary step for a proposed accountant to initiate discussions with the existing or predecessor accountant?
What is a necessary step for a proposed accountant to initiate discussions with the existing or predecessor accountant?
What is a proposed accountant's responsibility if unable to communicate with the existing or predecessor accountant?
What is a proposed accountant's responsibility if unable to communicate with the existing or predecessor accountant?
What is an existing or predecessor accountant's responsibility when responding to a communication from a proposed accountant?
What is an existing or predecessor accountant's responsibility when responding to a communication from a proposed accountant?
What might affect whether an existing or predecessor accountant is permitted or required to discuss a client's affairs with a proposed accountant?
What might affect whether an existing or predecessor accountant is permitted or required to discuss a client's affairs with a proposed accountant?
What is a consequence of an existing or predecessor accountant's confidentiality obligation?
What is a consequence of an existing or predecessor accountant's confidentiality obligation?
What is a purpose of obtaining information from other sources, such as third-party inquiries or background investigations?
What is a purpose of obtaining information from other sources, such as third-party inquiries or background investigations?
Who is responsible for ensuring that the client's business activities are conducted in accordance with laws and regulations?
Who is responsible for ensuring that the client's business activities are conducted in accordance with laws and regulations?
What should a professional accountant do when they become aware of a matter related to non-compliance?
What should a professional accountant do when they become aware of a matter related to non-compliance?
Who is responsible for identifying and addressing non-compliance by individuals working for or under the direction of the client?
Who is responsible for identifying and addressing non-compliance by individuals working for or under the direction of the client?
What is the primary concern of management and those charged with governance in ensuring compliance with laws and regulations?
What is the primary concern of management and those charged with governance in ensuring compliance with laws and regulations?
What is the timeframe for a professional accountant to take steps to comply with this section when they become aware of a matter related to non-compliance?
What is the timeframe for a professional accountant to take steps to comply with this section when they become aware of a matter related to non-compliance?
Who is responsible for ensuring that the client's business activities are conducted in accordance with professional standards?
Who is responsible for ensuring that the client's business activities are conducted in accordance with professional standards?
Flashcards are hidden until you start studying
