Explain two (2) types of information that will assist the engagement partner in determining whether the conclusions reached regarding the acceptance and continuance of client relationships and audit engagements are appropriate. ISQC 1 requires an audit firm to obtain information considered necessary in thecircumstances before accepting an engagement with a new client, when deciding whetherto continue an existing engagement, and when considering acceptance of a newengagement with an existing client.

Audit engagement is the term entered into by the auditor to accept the audit of financial statements…

Answered: two (2) types of information that will…

Business

Accounting

two (2) types of information that will assist the engagement partner

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 17CYBK

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Question

Explain two (2) types of information that will assist the engagement partner in determining whether the conclusions reached regarding the acceptance and continuance of client relationships and audit engagements are appropriate.

ISQC 1 requires an audit firm to obtain information considered necessary in the
circumstances before accepting an engagement with a new client, when deciding whether
to continue an existing engagement, and when considering acceptance of a new
engagement with an existing client.

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