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AUE2601 ASSIGNMENT 5 ANSWERS|BEST SOLUTIONS
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WePASS with distinction tutorials always ready to assistAUE2601 ASSIGNMENT SEMESTER 1 2023
, QUESTION
1.1 Preconditions for an audit that should be met before accepting an audit client:
1. Independence: The audit firm must ensure its independence from the client to
maintain objectivity and impartiality throughout the audit process. This includes
assessing any potential conflicts of interest and ensuring that the firm's relationship
with the client does not compromise independence.
2. Competence: The audit firm should possess the necessary knowledge, skills, and
expertise to perform the audit effectively. This includes having a team of qualified
auditors with relevant experience in the client's industry or sector.
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