Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future. To examine: Whether the given statement is true or false.

Question

Want to see the full answer?

Answer 1

Question

Chapter 1, Problem 18CYBK

To determine

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What factors should auditors consider in deciding whether to accept or continue the engagement with a particular client? What should firms do if they decide to withdraw from an engagement?

The AICPA removed its general prohibition of CPAs taking commissions and contingentfees becausea. CPAs prefer more price competition to less.b. Commissions and contingent fees enhance audit independence.c. Nothing is inherently wrong about the form of fees charged to nonaudit clients.d. Objectivity is not always necessary in accounting and auditing services

Provide a detailed example as to what might cause an auditor/audit firm to decline taking on a new client/audit engagement.

Answer 2

Question

Chapter 1, Problem 18CYBK

To determine

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 1, Problem 18CYBK

To determine

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 1, Problem 18CYBK

To determine

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 1, Problem 18CYBK

To determine

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.

Answer 6

Chapter 1, Problem 18CYBK

To determine

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.

Answer 7

Chapter 1, Problem 18CYBK

To determine

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 1 - Prob. 1CYBK Ch. 1 - Prob. 2CYBK Ch. 1 - Prob. 3CYBK Ch. 1 - Prob. 4CYBK Ch. 1 - Prob. 5CYBK Ch. 1 - Prob. 6CYBK Ch. 1 - Prob. 7CYBK Ch. 1 - Prob. 8CYBK Ch. 1 - Prob. 9CYBK Ch. 1 - Prob. 10CYBK

Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future. To examine: Whether the given statement is true or false.

Solution Summary: The author explains that an audit firm discontinues its auditing services for firms with weak financial status, internal controls, poor management, and fraudulent activities if the client firm does not match the audit firms profile and growth approach.

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.

Want to see the full answer?

Chapter 1 Solutions

Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future. To examine: Whether the given statement is true or false.

Solution Summary: The author explains that an audit firm discontinues its auditing services for firms with weak financial status, internal controls, poor management, and fraudulent activities if the client firm does not match the audit firms profile and growth approach.

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future. To examine:Whether the given statement is true or false.

Want to see the full answer?

Chapter 1 Solutions

Introduction:Discontinued clients can be defined as those clients for whom the auditing services are discontinued by the audit firm. The auditing firm informs the clients about the discontinuance of auditing services in future.

To examine:Whether the given statement is true or false.