1. The client acceptance process can be quite complex. Discuss five procedures an auditor should perform in determining whether to accept a client. Which of these five are required by auditing standards and identify the applicable standards? 1. Obtain an understanding of the client ’s business and operations. Consideration should be given to reading available financial information regarding the prospective client such as annual reports‚ registration statements‚ Forms 10-K‚ other reports to regulatory
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1918–1930s Louis P. Bénézet’s map of "Europe As It Should Be" (1918)‚ depicting nations based on ethnic and linguistic criteria. Bénézet’s book The World War and What was Behind It (1918) blamed on German aggression combined with perceived threats to the traditional social order from radicals and ethnic nationalists. Straight after the war Allied historians argued that Germany was solely responsible for the start of the war; a view influenced by the inclusion of ’war guilt’ clauses within the
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Barnes and Fischer‚ a national CPA firm‚ is deciding whether to accept Ocean Manufacturing as a client. Ocean Manufacturing is a medium-sized manufacturer of small home appliances. This would be new to Barnes and Fischer‚ who has current clients in the healthcare service industries. I am writing this memo to suggest that you reject Ocean Manufacturing as a client. Ocean Manufacturing has a favorable market position and growth potential‚ things that Barnes and Fischer are looking for. They terminated
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accounting firm of Barnes and Fischer‚ LLP‚ is a medium-sized‚ national CPA firm. The partnership‚ formed in 1954‚ now has over 6‚000 professionals on the payroll. The firm mainly provides auditing and tax services‚ but it has recently had success building the information systems consulting side of the business for non-audit clients and for audit clients that are not publicly traded. It is mid-January 2012‚ and you are a newly promoted audit manager in an office of Barnes and Fischer‚ located in the
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Case 1.1 – Client Acceptance Question # 1: Identify 5 procedures an auditor should perform in determining whether to accept a client. Which of these five are required by the auditing standards? a. (AU 314) The auditor should obtain an understanding of the entity and its environment in the following areas: i. Client’s application of accounting policies ii. The industry‚ regulation and other factors affecting the client iii. Client’s objectives ‚ strategies‚
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Case # 1 OTTER CREEK MILLS‚ INC. 1- The client acceptance process can be quite complex. Identify procedures required by auditing standards that should be performed in determining whether to accept a client? Identify other procedures not required that you may also perform. Some procedures that an Auditor firm should follow before accepting an engagement are: a. The auditor firm should follow the procedures established in the quality control procedures. b. Look if firm is independent respect
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task of considering factors and making a recommendation with respect to the acceptance of a new prospective client. The request to consider the engagement was received two weeks past the client’s fiscal year-end. The accounting firm‚ Barnes and Fischer‚ LLP‚ is a medium sized national firm with over 6‚000 professionals on the
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) . . . . : . . : : . Barnes ‚ Ginny Pearson. Successful Negotiating‚ Letting the Other Person Have Your Wey‚ Career press ‚ 1998.123 P Camp ‚ Jim ‚ Start With NO‚ Crown Business‚ New York. NY . 2002.271p. Cohen‚ Herb‚You can Negotiate Anything ‚ Bantam Book . New York‚ N.Y.1982‚255p. Donaldson‚ Michael C.‚ and Donaldson‚ Mimi‚ Negotiating for Dummies‚ Hungry Minds Inc.‚New York‚ N.Y.‚1996‚ 350 p. Fischer‚ Roger and Ertel‚ Danny ‚ Getting Ready to Negotiate:
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5(a) Prepare a memo to the partner making a recommendation as to whether Barnes and Fischer should or should not accept Ocean Manufacturing‚ Inc. as an audit client. Carefully justify your position in light of the information in the case. Include consideration of reasons both for and against acceptance and be sure to address both financial and nonfinancial issues to justify your recommendation. MEMORANDUM To: Jane Hunter From: Corrine Subject: Ocean Manufactory Should be Accepted Date:
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Satyagraha (Fischer‚ 35). This term comes from the word satya‚ meaning truth and agraha‚ meaning force (Fischer‚ 35). The term‚ therefore‚ directly translates to “Soul Force‚” and means “adhering to the truth” (Fischer‚ 35). In describing his own philosophy‚ Gandhi himself wrote that Satyagraha “is the vindication of truth not by infliction of suffering on the opponent but on one’s self” (qtd. in Fischer‚ 35). By truth‚ Gandhi was referring to love‚ an attribute of the human soul (Fischer‚ 35). With
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