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of audit firms has been an ongoing challenge, as a result of high turnover rates, coupling with low interests in this profession. With this concern in mind, the SEC and the Association of Chartered
financial statements contain material misstatements, the auditor will ask the client to adjust the financial statements before issuing the final version to the financial statements users. Corporate governance
firms did not concern over significant client’s issues before accept those clients. Example 1 : There was insufficient documentation regarding client acceptance evaluation. In addition, some evaluation
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
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
, audits of revenue recognition based on the percentage of completion method, and assessments of the appropriateness of management’s use of going concern assumption. Our root cause analysis has revealed that
would be evaluated before the acceptance of any non-audit services. One of the important tools used by several audit firms is the development and maintenance of databases for managing client lists
company to manage the investment for the investor with honesty, due care and with the interest of client prior to the interest of it own. Nevertheless, the organisational structure shall be in line with the
, regulations, client agreements, in the best interest of their clients, and with the application of sound investment governance practices. The Investment Governance Policy should require the adoption of clear