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Questions and Answers
According to Section 320, what is one factor the auditor should consider when accepting a client appointment?
According to Section 320, what is one factor the auditor should consider when accepting a client appointment?
- The auditor's availability to perform the engagement
- The auditor's previous experience with the client
- The auditor's personal relationship with the client
- The auditor's competence to perform the engagement (correct)
What is one potential threat to compliance with the fundamental principles that the auditor should consider when accepting a client appointment?
What is one potential threat to compliance with the fundamental principles that the auditor should consider when accepting a client appointment?
- The client's previous experience with auditors
- The client's involvement in illegal business activities (correct)
- The client's reputation in the industry
- The client's financial stability
If the auditor cannot eliminate or reduce the threats to an acceptable level with proper safeguards, what should they do?
If the auditor cannot eliminate or reduce the threats to an acceptable level with proper safeguards, what should they do?
- Request additional information from the client
- Accept the appointment
- Decline the appointment (correct)
- Seek legal advice
What should the auditor investigate when considering the background and business activities of the audit client?
What should the auditor investigate when considering the background and business activities of the audit client?
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What should the auditor consider when accepting a client appointment?
What should the auditor consider when accepting a client appointment?
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