09.

OVERVIEW OF RISK-BASED AUDIT PROCESS

Consider yourself that you are already a Certified Public Accountant and you are asked to audit a cooperative.

1. What are the considerations you to need to consider in order for you to accept the engagement?
- Background of the client
- Ethical requirements
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2. What are the factors that will influence you not to accept the engagement?
- The factors that will influence me not to accept the engagement are attitude, management, health, technology,
culture.
- Personal relationships with the client
- Conflicts of interests

3. If you accept the engagement, what the are the preparations that you need to do?
- The objectives of the engagement
- Responsibilities of the management
- Responsibilities of the auditor
- Limitations of the engagement