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Flashcards in Before acceptance Deck (3)
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Matters to be considered before accepting engagements

- Determine risk
New client, regulated industry, third parties, inexperienced in-house, rapid growth.

- Ethical issues
Potential threats to independence and identify safeguards

- Resources
Team with appropriate capabilities, time, location, fees

1

Procedures to complete before accepting engagements

- Client identification - establish who directors are - AML check
- Perform search at Companies House - check director qualifications
- Review press & internet for any adverse publicity
- Hold discussions with management to assess integrity / competence
- Obtain draft financial statements

2

Ethical issues - threats and safeguards

Self Interest

Self Review

Management

Familiarity

Advocacy