Before accepting an engagement to audit a new client, an auditor is required to perform due diligence in relation to the client acceptance process, anticipate acceptance issues, address client risk, and carry out risk acceptance procedures
Auditors examine the financial records of businesses and other organizations to ensure they are correct and in accordance with the law.
An audit engagement is a contract between a client and a third-party auditor to audit some aspect of the client's business, such as accounting records, financial statements, internal controls, regulatory compliance, information systems, operational processes, and so on.
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