Which of the following factors most likely would cause an auditor to decline a new audit engagement

Which of the following factors most likely would cause an auditor to decline a new audit engagement. B) The CPA lacks a thorough understanding of the prospective client's operations and industry. An income tax engagement to prepare federal and state tax returns. If asked by the successor auditor about the termination of the engagement, the predecessor auditor should C. An inadequate understanding of the entity's internal control B. In a coninuing engagement, the coninuing auditor would most likely send a new engagement leter when a. Differences between reconciliations of control accounts and subsidiary records are not investigated. A recent change in the partner and/or staf in the audit engagement. The client asks the Which of the following circumstances most likely will cause an auditor to suspect that material misstatements exist in a client's financial statements? A. The audit population is large, and the auditor's test are supported by reliable and relevant data in electronic form, making ADA efficient Multiple Choice The CPA's lack of understanding of the prospective client's internal audit function's audit plan The prospective client refuses to let the predecessor auditor respond to communication from the successor auditor. The CPA's lack of understanding of the prospective client's internal auditor's computer-assisted audit techniques. Concluding that the entity’s management probably lacks integrity d. The CPA is unable to review the predecessor auditor's audit documentation. C) An auditor is required to establish an understanding with a client regarding the responsibilities for each engagement. The client's financial reporting system Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement? A) The CPA's lack of understanding of the prospective client's internal audit function's audit plan. An auditor concludes that a substantive auditing procedure considered necessary during the prior period's audit was omitted. C) The Study with Quizlet and memorize flashcards containing terms like 6) Which of the following situations would be most likely to cause a CPA to not accept a new audit engagement? A) The prospective client has fired its prior auditor. The CPA is unable to review the predecessor auditor's working papers. Which of the following factors most likely would cause an auditor not to accept a new audit engagement? A) An inadequate understanding of the entity's internal controls. management's responsibility to guarantee that there are no material misstatements due to fraud b. Concluding that the entity’s management probably lacks integrity. The CPA is unable to review the predecessor auditor’s working papers. Management is unwilling to permit inquiry of its legal counsel. The close proximity to the end of the entity's fiscal year C. 1)Which of the following factors most likely would cause an auditor to decline a new audit engagement? A. D. Jun 29, 2024 · Study with Quizlet and memorize flashcards containing terms like In planning the audit engagement, the auditor should consider each of the following except, Which of the following factors most likely would cause an auditor to decline a new audit engagement?, Which of the following statements reflects an auditor's responsibility for detecting fraud and errors? and more. add an explanatory paragraph to the auditor's report because of the uncertainty, Which of the following factors most likely would cause a CPA to 1. Concluding that the entity's management probably lacks integrity d. The inability to review the predecessor auditor's working Which of the following factors most likely would cause a CPA not to accept a new audit engagement? A. Suggest that the successor obtain the client’s permission to discuss the reasons. c) The audit population is large, and the auditor's tests are supported by reliable 15) Which of the following factors most likely would cause an auditor not to accept a new audit engagement? A) An inadequate understanding of the entity's internal controls. Upon discovering material misstatements in a client’s financial statements that the client would not revise, an auditor withdrew from the engagement. B) Management's disregard of its responsibility to maintain an adequate control environment. However, we will inform you of any such matters that come to our attention. The prospective client's unwillingness to permit inquiry of its legal counsel. A consulting service engagement to provide computer processing advice to a client. Which of the following factors most likely would cause an auditor to decline a new audit engagement? A. An inadequate understanding of the entity’s internal control. B) The close proximity to the end of the entity's fiscal year. Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement? A) The CPA's lack of understanding of the prospective client's internal audit function's audit plan. An inadequate understanding of the entity’s interval control structure b. B) Management's disregard of its responsibility to maintain an adequate internal control environment. An inability to perform preliminary Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement?, Which of the following factors most likely would lead a CPA to conclude that a potential audit engagement should be rejected?, The scope and nature of an auditor's contractual obligation to a client is ordinarily set Which of the following factors most likely would cause a CPA to decline to accept a new audit engagement? A. Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement? A) The CPA's lack of understanding of the prospective client's internal auditor's computer-assisted audit techniques. Study with Quizlet and memorize flashcards containing terms like Which of the following professional services is considered an attest engagement? A. Jan 23, 2015 · Which of the following factors most likely would cause a CPA not to accept a new audit engagement? a. 3. The CPA's inability to review the predecessor auditor's working papers. Management reputation for failing to provide schedules to prior auditors on a timely basis. c. Which of the following factors most likely would cause an auditor to decline a new audit engagement?, 3. Management reputation for failing to provide schedules to prior auditors on a timely basis. Staff will need to be rescheduled to cover this new client. An inability to perform preliminary analytical procedures before assessing control risk. Oct 25, 2010 · Which of the following factors most likely would cause a CPA to reject a new audit engagement? Study with Quizlet and memorize flashcards containing terms like 11. The CPA's lack of understanding of the prospective client's internal audit function's audit plan. An inadequate understanding of the entity’s internal control. The CPA's lack of understanding of the prospective client's operations and industry. Jan 8, 2019 · Management’s responsibility to provide certain written representations to the auditor. The compilation of Jun 20, 2024 · Study with Quizlet and memorize flashcards containing terms like Analytical procedures used in planning an audit should focus on, An auditor's document includes the following statement: "Our audit is subject to the risk that errors, fraud, or illegal acts, if they exist, will not be detected. The close proximity to the end of the entity's fiscal year c. The CPA is unable to review the predecessor auditor's working papers due to a Study with Quizlet and memorize flashcards containing terms like Which of the following conditions most likely would pose the greatest risk in accepting a new audit engagement? a. The CPA is unable to review the predecessor auditor’s documentation. D)An inability to perform preliminary analytical procedures before assessing control risk. There will be a client-imposed scope limitation. C) The CPA is unable to review the predecessor auditor's working Jun 20, 2024 · Withdraw form the engagement because of the lack of information furnished by the lawyer c. The primary objective of an auditor when considering the acceptance of an initial audit engagement of a nonissuer is to Which of the following factors most likely would cause an auditor to not accept a new audit engagement? A)An inadequate understanding of the entity's internal control. Management's unwillingness to make all financial records Which of the following factors most likely would cause a CPA not to accept a new audit engagement? a. Concluding that the entity's management probably lacks integrity D. The close proximity to the end of the entity’s fiscal year. Aug 6, 2024 · Study with Quizlet and memorize flashcards containing terms like An auditor is required to establish an understanding in writing with a client regarding the services to be performed for each engagement. It covers client acceptance and planning procedures an auditor should perform, including: - Considering the client's business risk and auditor's business risk when deciding whether to accept a new client. Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement? A) The CPA’s lack of understanding of the prospective client’s internal audit function’s audit plan. Evidence to support the audit test is not available in electronic form b. This understanding generally includes: a. Failure of management to satisfy the preconditions for an audit. Which of the following factors notmost likely would cause a CPA to accept a new audit engagement? A. There are no alternative procedures available to provide the same evidence as the omitted procedure. A signiicant change in the nature or size of the client’s business. An inadequate understanding of the entity's internal controls b. Q: 1)Which of the following factors most likely would cause an auditor to decline a new audit… A: Solution Note : As per the Q&A guideline we are required to answer the first question only . The assumptions used in developing the prior year's accounting estimates have changed. a. Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause a CPA not to accept a new audit engagement? A. Which of the following factors most likely would cause an auditor not to accept a new audit engagement? A) An inadequate understanding of the entity's internal controls. . A recent change of client management. The prospective client has fired its prior auditor. C. Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement? A. Which of the following factors most likely would cause a CPA to decline to accept a new audit engagement? Management is unwilling to permit inquiry of its legal counsel. the auditor's responsibility to plan and perform the audit to provide reasonable, but not absolute, assurance of detecting material Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement?, Which of the following factors most likely would lead a CPA to conclude that a potential audit engagement should be rejected?, Which of the following factors most likely would cause a CPA to not accept a new audit Study with Quizlet and memorize flashcards containing terms like Which of the following factors would most likely cause an auditor to use audit sampling versus audit data analysis? a. new information comes to the auditor's attention concerning an event that occurred prior to the date of the auditor's report that may have affected Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement?, Which of the following statements is correct with regard to the predecessor-successor communications?, Which of the following statements best represents the reason why auditors prepare engagement letters to be signed by Which of the following factors most likely would cause an auditor not to accept a new audit engagement? Concluding that the entity's management probably lacks integrity AU-C 210. Which of the following factors most likely would cause a CPA not to accept a new audit engagement? 1 point Management reputation for failing to provide schedules to prior auditors on a timely basis. Study with Quizlet and memorize flashcards containing terms like The ultimate purpose of assessing control risk in a financial statement audit is to contribute to the auditor's evaluation of the risk that, Which of the following factors most likely would cause a CPA to decline to accept a new audit engagement?, Which of the following situations most likely represents the highest risk of a Which of the following factors most likely would cause an auditor not to accept a new audit engagement? A. The prospective client's unwillingness to permit inquiry of its legal counsel Study with Quizlet and memorize flashcards containing terms like Which of the following auditor concerns most likely could be so serious that the auditor would conclude that a financial statement audit cannot be conducted?, Before accepting an engagement to audit a new client, an auditor is required to:, When applying analytical procedures during an audit, which of the following is the best Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement? A) The CPA's lack of understanding of the prospective client's internal audit function's audit plan B) Management's disregard of its responsibility to maintain an adequate internal control environment C) The CPA's inability to determine whether related party transactions were Which of the following factors most likely would cause an auditor not to accept a new audit engagement? A. Management's unwillingness to make all financial records available to the CPA. An inadequate understanding of the entity’s interval control structure. An inability to perform preliminary 30. Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would lead a CPA to conclude that a potential audit engagement should not be accepted?, In comparison with the detailed audit plan of the independent auditor who is engaged to audit the financial statements of a large publicly held company, the audit client's comprehensive internal audit Study with Quizlet and memorize flashcards containing terms like Which of the following factors would most likely cause an auditor to use audit sampling versus audit data analytics? a) Relevant data are clean or can be cleaned up easily. A change in terms of the engagement. The firm will have to hire a specialist in one audit area. The CPA's inability to review the predecessor auditor's working papers. D Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause a CPA to not accept a new audit engagement? A. The inability to perform preliminary analytical procedures before assessing control risk. The terms of the engagement should be documented in an engagement letter that states the following: (1) objective and scope of the audit, (2) responsibilities of the auditor and management, (3) inherent limitations of the audit and internal control, (4) the financial reporting framework, and (5) the The document discusses planning for a financial statement audit engagement. Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause a CPA not to accept a new audit engagement? a. Which of the following factors would most likely cause the auditor promptly to apply the omitted procedure? a. … Q: Which of the following is NOT among the conditions that give rise to a demand by external users for… After the financials have been issued with an accompanying audit report on a nonpublic entity, there is no obligation to make any further audit tests or inquiries with respect to the audited financial statements covered by that report unless: a. 2. 5. This understanding generally includes:, An auditor's engagement letter most likely will include, Which of the following statements would least likely appear in an auditor's engagement letter Which of the following factors most likely would cause an auditor not to accept a new audit engagement? a. C) The CPA's Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause an auditor not to accept a new audit engagement? An inadequate understanding of the entity's internal controls. Which of the following factors most likely would cause a CPA to not accept a new audit engagement? A. Study with Quizlet and memorize flashcards containing terms like An auditor should make specific and reasonable inquiries of the predecessor auditor regarding the predecessor's, Which of the following matters generally is included in an auditor's engagement letter?, Which of the following factors most likely would cause a CPA to decline to accept a new audit engagement? and more. The indications that management has not investigated employees in key positions before hiring them. Study with Quizlet and memorize flashcards containing terms like Which of the following situations would cause a CPA to not accept a new audit engagement?, Which of the following situations would heighten an auditor's concern about the risk of fraudulent financial reporting, Which of the following factors would most likely cause a CPA to decide not to accept a new audit engagement? and more. The CPA lacks a thorough understanding of the prospective client's operations and industry. " The above passage is most a. Which of the following factors most likely would cause a CPA to not accept a new audit engagement? The prospective client is unwilling to make all financial records available to the CPA. Management's disregard of its responsibility to maintain an adequate control environment. 1. The scope and nature of an auditor's contractual obligation to a client is ordinarily set forth in the, 3. disclaim an opinion on the financial statement because of the materiality of the litigation's effect d. An engagement to report on compliance with statutory requirements. B)The close proximity to the end of the entity's financial year. C) Concluding that the entity's management probably lacks integrity. Management's unwillingness to make all financial records available to Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement? A. The CPA lacks an understanding of the prospective client's operations and industry. Study with Quizlet and memorize flashcards containing terms like Which of the following factors most likely would lead a CPA to conclude that a potential audit engagement should be rejected?, Which of the following factors most likely would cause a CPA to not accept a new audit engagement?, Which of the following factors most likely would cause an auditor to decline a new audit engagement? and Study with Quizlet and memorize flashcards containing terms like 3. Concluding Which of the following factors most likely would cause an independent auditor to decide not to accept a new audit engagement? A) The auditor's lack of understanding of the prospective client’s internal audit function’s audit plan. After the audit begins, the client's management questions the extent of procedures and objects to the confirmation of certain contracts. The prospective client has already completed its physical inventory count. d. The close proximity to the end of the entity's fiscal year. The close proximity to the end of the entity’s fiscal year c. b. b) Evidence to support the audit test is not available in electronic form. - Obtaining an understanding of the entity and its environment, including internal control, through risk assessment Study with Quizlet and memorize flashcards containing terms like A successor auditor most likely would make specific inquiries of the predecessor auditor regarding, A CPA is engaged to audit the financial statements of a nonissuer. Audit plans should be designed so that and more. A23 includes other items which may be included, if applicable, but are not required in an engagement letter. Which of the following factors would most likely cause an auditor not to accept a new audit engagement? a. An inability to perform preliminary analytical procedures before assessing control risk. The prospective client refuses to let the predecessor auditor respond to communication from the successor auditor. C)The conclusion that the entity's management probably lacks integrity. The CPA does not understand the entity’s operations and industry. B. Study with Quizlet and memorize flashcards containing terms like 11. C Which of the following factors most likely would cause an auditor to decline a new audit engagement? The close proximity to the end of the entity’s fiscal year. 25. unir dfmhxee oxvpm kqzi ghtd jsp docej jrnree lxucl qifpzbv