As per SA-300, preliminary engagement activity shall be undertaken by the auditor or engagement partner ,in the case of recurring audit,which includes a point:
he shall perform procedures regarding the continuance of the client relationship as required by SA-220.
so what are the procedures actually?
please specify what type of procedures he can do?
please reply,thankyou
2 Replies
Lisha Bansal
(CA Finalist)
(2595 Points)
Replied 29 March 2019
The Auditor should obtain information considered necessary in the circumstance 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. The following information would assist
the auditor in accepting and continuing of relationship with the client:
(i) The integrity of the principal owners, key management and those charged with governance of the
entity;
(ii) Whether the engagement team is competent to perform the audit engagement and has the necessary
capabilities, including time and resources;
(iii) Whether the firm and engagement team can comply with relevant ethical requirements ; and
(iv) Significant matters that have arisen during the current or previous audit engagement, and their
implications for continuing the relationship.
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