inventory and cost of sales, and the audit of difficult or complex transactions were among the most prevalent observations. It was noteworthy that some of those observations also shared a trait of
every firm passed the six key elements with highest average score in the area of client acceptance and continuance (A&C) where most firms already have in place engagement acceptance procedures that take
and continuance. However, the deficiencies in the engagement performance continue to persist in a number of the audit firms. A. Firm level Elements Leadership responsibilities 20 15 15 15 15 15 15 15 15
earlier cycles, with significant progress in two key elements of quality control: acceptance and continuance of client relationship, and human resources. On the individual audit engagement level, the
involvement of the partner and EQCR in reviewing the workpaper or establishing a process for seeking consultation on difficult or contentious matters about the financial reporting standards. Opinions of
control system. Additionally, more than 50 percent of the total inspected audit firms attained “very satisfactory” or “satisfactory” rating for their “client acceptance and continuance” and “human resource
capital market are complicated and finding the evidence is difficult, especially electronic evidence which requires assistance from specialized agencies. Therefore, this cooperation between SEC and the
staff, as well as making it difficult to attract new talents. To improve the retention rate of high-potential employees, several audit firms started to adapt their strategy and policies concerning
A. RAP & Client Acceptance A.0 Risk Assessment Process for Acceptance and Continuance of Client Relationships and Specific Engagement element: Firm's Reference /Guidance Notes Description 1 What are
Acceptance and Continuance of Client Relationships and Specific Engagements Engagement Performance Resources Information and Communicatio n Monitoring and Remediation Proces Regulatory Summary of