Selve notified Jithesh & Co that they are changing auditors and that Jithesh & Co services were being terminated. On November 5, 2017, Selve invited Haqim, a senior partner of Haqim, Hamdi & Co., chartered accountants, to make a proposal for an engagement to audit its financial statements for the year ended December 31, 2019. a. What are the additional procedures should Haqim, Hamdi & Co after accepting the engagement of a new client.
Selve notified Jithesh & Co that they are changing auditors and that Jithesh & Co services were being terminated. On November 5, 2017, Selve invited Haqim, a senior partner of Haqim, Hamdi & Co., chartered accountants, to make a proposal for an engagement to audit its financial statements for the year ended December 31, 2019. a. What are the additional procedures should Haqim, Hamdi & Co after accepting the engagement of a new client.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jithesh & Co was the auditors of Selve Sdn Bhd's financial statements for the year ended December 31, 2018. On November 1, 2017, Selve notified Jithesh & Co that they are changing auditors and that Jithesh & Co services were being terminated.
On November 5, 2017, Selve invited Haqim, a senior partner of Haqim, Hamdi & Co., chartered accountants, to make a proposal for an engagement to audit its financial statements for the year ended December 31, 2019.
a. What are the additional procedures should Haqim, Hamdi & Co after accepting the engagement of a new client.
b. State the benefits derived from preparing an Engagement Letter before the audit engagement.
c.List 4 elements of Engagement Letter.
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