You are a member of the audit team that is meeting with the client and have been tasked to prepare responses to the following:

a. What is the objective of the audit of financial statements and how do auditors meet that objective? (5 Marks)

b. Distinguish between managements and auditors responsibility for the financial statements being audited? (5 Marks)

c. What are the responsibilities of the successor and predecessor auditors when a company is changing auditors? (5 Marks)

d. What factors should an auditor consider prior to accepting an engagement? Explain. (5 Marks)

e. What is the purpose of an engagement letter? What subjects should be covered in such a letter? (5 Marks)