In July of 2024 IRBA issued a staff audit practice alert which is a non-binding guidance document that addresses key areas of help needed or areas of concern for audit practitioners. Often these alerts are issued to make audit practice more streamlined or simpler. Accordingly, Staff Audit Practice Alert 10 was published to assist the auditor to identify the key considerations when it comes to ‘acceptance and continuation of client relationships of audit engagements’.
Provide you with a simplified breakdown of the guidance which affects acceptance and continuance considerations on future audit engagements. To sharpen your understanding of key areas that may lack clarity when considering their impact on acceptance and continuance. Highlight areas that you may have previously overlooked for acceptance and continuance, in turn protecting you and helping to better inform your client / engagement acceptance decisions.
The Staff Audit Practice Alert 10 on acceptance and continuance covers the following, which will be what is discussed:
