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| Author: | McConnell, D. K. Banks, G. Y. |
| Title: | Audit Redux |
| Journal: | Journal of Accountancy
2003 : JAN, VOL. 195:1, p. 39-47 |
| Index terms: | AUDITING ACCOUNTING FINANCIAL STATEMENTS ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | The paper states that an increase in auditor changes has led to an increase in reaudits, raising unique practice considerations for the CPAs that perform them. Reauditors can use the guidance in SAS no. 84, Communications Between Predecessor and Successor Auditors and Practice Alert 02-3, Reauditing Financial Statements to help with these engagements. Reaudits occur for a number of reasons, including concerns about audit quality and to facilitate initial public offerings. In deciding whether to accept these engagements, CPA firms will want to contact the predecessor auditor. This may present a problem in situations where that firm no longer employs the original engagement partner or other senior audit team members. |
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