How would you start an audit of an existing client?

Question

Accepted Answer

To start an audit of an existing client, I would follow these steps:

Review the client's financial statements and previous audit reports
Understand the client's business operations and industry
Identify potential risks and areas of focus for the audit
Develop an audit plan and timeline
Communicate with the client to establish expectations and obtain necessary information
Perform preliminary analytical procedures to identify unusual transactions or trends
Assess the client's internal controls and determine the extent of testing required
Conduct fieldwork and perform substantive testing
Document findings and conclusions in the audit report

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