In considering whether the firm has the capabilities, competence, time and resources to undertake a new engagement from a new or an existing client, the firm reviews the specific requirements of the engagement and existing partner and staff profiles at all relevant levels. Matters the firm considers include the following, EXCEPT A. Whether firm personnel have experience with relevant regulatory or reporting requirements, or the ability to gain the necessary skills and knowledge effectively B. Whether the client is aggressively concerned with maintaining the firms fees as low as possible C.Whether the firm is able to complete the engagement within the reporting deadline D. Whether firm personnel have knowledge of relevant industries or subject matters
In considering whether the firm has the capabilities, competence, time and resources to undertake a new engagement from a new or an existing client, the firm reviews the specific requirements of the engagement and existing partner and staff profiles at all relevant levels. Matters the firm considers include the following, EXCEPT A. Whether firm personnel have experience with relevant regulatory or reporting requirements, or the ability to gain the necessary skills and knowledge effectively B. Whether the client is aggressively concerned with maintaining the firms fees as low as possible C.Whether the firm is able to complete the engagement within the reporting deadline D. Whether firm personnel have knowledge of relevant industries or subject matters
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:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 40MCQ
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In considering whether the firm has the capabilities, competence, time and resources to undertake a new engagement from a new or an existing client, the firm reviews the specific requirements of the engagement and existing partner and staff profiles at all relevant levels. Matters the firm considers include the following, EXCEPT
A. Whether firm personnel have experience with relevant regulatory or reporting requirements, or the ability to gain the necessary skills and knowledge effectively
B. Whether the client is aggressively concerned with maintaining the firms fees as low as possible
C.Whether the firm is able to complete the engagement within the reporting deadline
D. Whether firm personnel have knowledge of relevant industries or subject matters
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