QUESTIONS 1.What are the key procedures you would perform regarding client acceptance? Where would you get the...

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Accounting

QUESTIONS
1.What are the key procedures you would perform regarding clientacceptance? Where would you get the data? Use the format by listingunder each:
PROCEDURE                                                      DATA
2. Williams Gens, an audit partner with your firm, has selectedyou to prepare a memo regarding the acceptance of CBA as an auditclient. The audit will, if accepted, occur during the firms’s slowseason when there is excess employee capacity.
Consider the following category:
1.      Thepredecessor auditor explained that, due to disagreements on theapplication of GAAP, CBA Inc. chose to engage another auditingfirm. The auditor, fearing Litigation would not specify thespecific area of disagreement.
2.      CBAregularly pays its accounts payable 30-60 days late.
3.     Management turnover has been excessive.
4.      CBAis in a highly regulated, competitive industry.
5.     Account Receivable turnover is 43 days.
Requirement for question 2:
What are the procedures that you would undertake for each of thecategory 1-5?

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Answer Given Williams Gens an audit partner with your firm has selected you to prepare a memo regarding the acceptance of CBA as an audit client The audit will if accepted occur during the firmss slow season when there is excess employee capacity Procedures that you would undertake for categeories 15 Answer 1 The reviewer ought to play out an investigation to decide the degree of the suit and particular regions of the difference See Answer

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