question archive an initial audit of the Redhawks for your audit firm Tic and Tie
an initial audit of the Redhawks for your audit firm Tic and Tie
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an initial audit of the Redhawks for your audit firm Tic and Tie. The audit firm that previously performed the audit (predecessor auditor) is named BeanKeepers. Look up the PCAOB Auditing Standards and the sections on Audit Planning (AS 2101) and Communications with Audit Committees (AS 1301).
- Who at Tic and Tie is responsible for the audit of the Redhawks?
- Tic and Tie should establish an understanding of the terms of the audit with whom at the Redhawks?
- Who is the audit committee?
- What does the audit committee do?
- What additionally does Tic and Tie need to do because this is an initial audit?
- Look up the audit standards for communicating with the predecessor auditor. Why should Tic and Tie try to talk to BeanKeepers about their audit of the Redhawks?
- Give examples of three items that should be included in an engagement letter.
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. Engagement Partner at Tic and Tie is responsible for the audit of Redhawks.
2. Tic and Tie should establish terms of the audit work including scope of work for the audit to avoid misunderstanding and disagreement.
3. Audit committee is those charged with governance at Redhawks. Audit committee includes indepdendent directors and directors of the Company. Chairman of the committee is generally independent director
4. Auditor should develop a robust plant of audit work including understanding of business and internal control environment. Auditor should also understand reason for change in auditor
5. Tic and Tie should engage with predecessor auditor to obtain access to the work done by them to understand if predecessor auditor is aware of any matter because of which Tic and Tie should not accept the audit.
6. 3 examples are : scope of work, responsibility of auditor and auditee and fees.
