Question
The Chairman of Foley International Limited, a large trading company with extensive overseas interests has asked you to accept the nomination to replace the present
The Chairman of Foley International Limited, a large trading company with extensive overseas interests has asked you to accept the nomination to replace the present auditors at the next annual general meeting of the company. Required:
Before acceptance of any new audit assignment, there are a number of reasons for non-acceptance that have to be considered. List the circumstances in which acceptance of the nomination would be inappropriate under the following headings:
Legal
Ethical
Practical.
I- Strict rules of the professional bodies relate to professional etiquette on the change of appointment. List the steps that should occur in the case of the change of auditor of Foley International Limited.
II - Explain the purpose of such a letter.
On appointment, you should agree on a letter of engagement with your client. Draw up an outline letter showing only the headings of paragraphs that should be included.
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