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Why we might decide to decline an audit engagement

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Reference no: EM131840415

Question -

1. Why so many firms and associates still tend to lean towards and/or rely on this on-size-fits-all approach?

2. What are some potential reasons why we might decide to decline an audit engagement?

3. What are some elements or factors that might increase our risk of fraud on a particular engagement?

4. What are some of the most common costs incurred associated with an audit engagement? Which costs could be better controlled? Why?

5. Let's examine the most common causes of having inadequate professional judgment. What sort of education and/or experience should the auditors have? What sort of ongoing training should take place?

Reference no: EM131840415

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