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ISA (UK) 210

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Questions and Answers

According to ISA (UK) 210, when should auditors send an engagement letter to new clients?

At any time during the engagement period
After the first audit assignment
During the first audit assignment
Before the commencement of the first audit assignment (correct)

What is the usual form of the agreed terms between the auditor and the client?

An email confirmation
A verbal agreement
A letter of engagement (correct)
A contract drafted by the auditor

According to ISA (UK) 210, when should auditors consider sending an engagement letter to existing clients?

As soon as a suitable opportunity presents itself (correct)
At the end of the engagement period
After the client requests it
Only if there are changes in the audit objectives

What is the purpose of an audit engagement letter for clients?

To inform clients about the audit objectives and scope (C) Signup and view all the answers

What should be included in the engagement letter according to ISA (UK) 210?

The objective and scope of the audit (D) Signup and view all the answers

Which of the following is true regarding client due diligence in compliance with Money Laundering Regulations?

For individuals, client identification requires obtaining official documents including a photograph and identifying the client's full name and permanent address. (D) Signup and view all the answers

Which of the following is NOT a requirement for checking the identity of individual clients?

Obtaining similar legal information from the Registrar of Companies. (D) Signup and view all the answers

How long must client identification documents be kept according to the Money Laundering Regulations?

Five years (A) Signup and view all the answers

Which of the following is true regarding client due diligence for companies?

Obtaining similar legal information from the Registrar of Companies. (B) Signup and view all the answers

When is it mandatory to check the identity of all clients before any work is undertaken?

When an ongoing relationship is envisaged. (C) Signup and view all the answers

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