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Pre-engagement - Coggle Diagram
Pre-engagement
Integrity of Client
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Solvency level (Going Concern), plans for future developments (Retrenchments, cutbacks, proposed listings, M&A)
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Attitude of 1. KMP, 2. those charged with Gov, & 3. Owners towards acc stds
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Business practices, nature of operations
- Informal record keeping (Excel)
Integrity & Reputation of 1. client and KMP , 2. those charged with Gov, 3. Related parties
- Inability to do Journals/ compile AFS
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Client History - 1. Lawsuits, 2. non-compliance with laws, 3. press reports, 4. late AFS, 5. Qualified audit opinions, 6. Frequent changes of auditors
Independence of auditor
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- Significance of threat (explain why) e.g Threat significant because of mngmt position of family member
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