What is the purpose of an engagement letter? What subjects should be covered in such a letter?  Who is considered the client when auditing public companies?  Explain why auditors need an understanding of the client’s industry. What information sources are commonly used by auditors to learn about the client’s industry?

What are the benefits derived from planning audits?
What are the responsibilities of the successor and predecessor auditors
when a company is changing auditors?
What is the purpose of an engagement letter? What subjects should be
covered in such a letter?
Who is considered the client when auditing public companies?
Explain why auditors need an understanding of the client’s industry. What
information sources are commonly used by auditors to learn about the client’s industry?
In recent years, globalization of business and factors such as technological disruption, tax reform, trade policies, and changing demographics in the workforce cause uncertainty and volatility in stock and bond markets. Why might it be important foryou to consider current economic and other events as part of planning an audit?
When a CPA has accepted an engagement from a new client who is a manufacturer, it is customary for the CPA to tour the client’s plant facilities. Discuss the ways in which the CPA’s observations made during the course of the plant tour will be of help in planning and conducting the audit.
Define what is meant by a related party. What are the auditor’s responsibilities for related parties and related party transactions?

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