Juan Dela Cruz has been asked to accept an engagement to audit a small financial institution. Juan Dela Cruz has not been previously audited a financial institution. Required:Describe the types of knowledge about the prospective client and its industry that Juan Dela Cruz must obtain to plan the engagementExplain how Juan Dela Cruz may obtain this knowledgeDiscuss how this knowledge of the client’s business and industry will help Juan Dela Cruz in planning and performing an audit in accordance with auditing standards.

1) Acceptance of audit engagement: Audit engagement should be accepted only after the proper…

Answered: Juan Dela Cruz has been asked to accept…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Juan Dela Cruz has been asked to accept an engagement to audit a small financial institution. Juan Dela Cruz has not been previously audited a financial institution.

Required:

Describe the types of knowledge about the prospective client and its industry that Juan Dela Cruz must obtain to plan the engagement
Explain how Juan Dela Cruz may obtain this knowledge
Discuss how this knowledge of the client’s business and industry will help Juan Dela Cruz in planning and performing an audit in accordance with auditing standards.

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