Initial Audits Addressing Unique Challenges and Risks

Firms are eager to take on new audits, whether a first time audit of an entity or as a successor auditor. However, when auditors are contemplating a potential new client, there can be unique risks and challenges that should be addressed. This report discusses the client engagement acceptance process, evidence matters (including communications and issues that could arise between predecessor and successor auditors and how to approach auditing opening balances for a new client), and reporting matters related to initial