The Forum of Firms Transnational Auditors Committee (TAC) has issued a best practice paper on client acceptance and continuance in the auditing sector.
The paper, Client Acceptance and Continuance, is based on the input of 14 global auditing firms and focuses on the requirements of ISQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance, and Related Services Engagements.
It details how asking more pertinent questions can enhance quality and discusses related tools firms use to strengthen the client acceptance and continuance decision-making process.
The TAC believes the paper will aid audit firms in developing policies and enhancing the quality of audits.
“Any business wishing to establish quality relationships with quality clients needs robust processes in place,” Forum of Firms chair Robert Dohrer said.
“Understanding the best practices in this area will hopefully contribute to all accounting firms being able to strengthen their approach and create more mutually beneficial auditor-client relationships—which ultimately will contribute to improved public confidence in the industry.”
The paper can be downloaded at here.