Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 1, Problem 51RSCQ
To determine

Concept Introduction:The client acceptance and continuance decisions are the first step in doing quality audit. The risks associated with client audit and the returns from the clients and the audit firm’s strategy need to be carefully considered before taking such decision.

To explain:The similarity and difference between individual stock and audit clients, differences between audit acceptance and continuance decision and situations when deeper knowledge of clients is required.

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