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Briefly discuss the term preconditions for an audit

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Question - Strawberry Pakistan Limited (SPL) was incorporated on March 1, 20X3. The directors of SPL are in the process of appointing the first statutory auditor of the company. They have requested your firm to submit a proposal for the statutory audit assignment. A partner of your firm has asked you to draft the proposal after assessing whether the preconditions for the audit exist.

Required -

(a) Briefly discuss the term preconditions for an audit.

(b) What are the steps that you would perform in order to ensure that preconditions for the audit exist?

(c) Discuss whether your firm may or may not accept the assignment if one of the preconditions for the audit is not present.

Reference no: EM132587495

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