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
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
independence of the firm. - Precisely define the ‘related entities’ to enable the audit firms to completely disclose and consider the independence regarding related entities. The process to evaluate the
, the SEC found that the audit firms did not seem to evaluate 11 whether there were any threats to independence or any conflicts of interest before issuing engagement letters to clients. Beyond
, 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
related to digital assets in the future. Significant and recurring deficiencies arising from the inspection of auditor’s engagement, e.g., revenue recognition, going concern and provisions of allowance for
· Forms 2 Does the firm have policies and procedures for the retention of firm’s documentation for a period of time sufficient to permit those performing monitoring and review procedures to evaluate the
, biodiversity conservation, and pollution prevention and control) rather than four key areas of concern as previously. It notes that international and national initiatives to produce taxonomies may give further
pressure to meet directly with board members on sustainability topics of mutual concern. The pressures on investors to increase their levels of engagement with companies (and also with regulators and other
inspection to evaluate its compliance with its policies and procedures? – Monitoring Process If yes, please specify 1) Who perform such function e.g. in-house, outsource, network firm? 2) How often the firm