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Planning the audit engagement..............................




Question;Planning the audit engagement, especially for a new client, is vital to the successful completion of the audit. You and the CFO of the firm you?re auditing both started as new accountants in the same public accounting firm after graduation. You continued in public accounting and your friend, who you have now become best friends with socially and with spouses, went into the private sector working his way up the corporate ladder. Your firm has audited the client for years and your friend was just hired as the CFO. Confidentially, he tells you that he knows there are some material weaknesses in internal controls and asks that as ?friends? you overlook them during his first year as CFO, assuring you that they will be corrected in the future and you need not worry. How do you plan this into your audit engagement?


Paper#53451 | Written in 18-Jul-2015

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