The purposes of this assignment is to analyze
and evaluate the risks associate with audit client acceptance. To do this, you will use course material and
conduct research to write a client acceptance memo.
Background: The Audit Risk Analysis Paper
requires the student to assume the role of an audit manager of a large national
or international public accounting firm. An audit partner has asked you to
analyze and assess a company (the “Target Company”) for acceptance as a new
This is what the project is all about: Pre-PCAOB,
there was no required structure to the deliberations that an auditor went
through before deciding whether or not to accept a new audit client. Now, the
PCAOB requires that an auditing firm have a meaningful discussion among the
persons in the auditing firm with decision-making authority before a new audit
client is accepted. This is also required before an existing audit client is
accepted for another year. The discussion must be documented.
The purpose of the client acceptance discussion
is to help ensure that an auditing firm does not accept a client for which they
do not have the manpower (woman power) or expertise to adequately service. This
analysis also helps to ensure that an auditing firm does not find out “too
late” that the industry in which the new client operates is a high-risk
industry. High-risk is fine but only if
you are prepared for it.
There are many journal articles out there about
the topic of client approval. In the textbooks, look for the chapter on The
Auditing Firms Required System of Quality Control or even specifically on
approval/acceptance of new or continuing audit clients. There is also a robust
academic literature on the various aspect of audit risk, quality control, and
client acceptance considerations.
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