Section Acceptance and Continuance of Client Rel - Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information - Acceptance and Continuance of Client Relationships and Audit Engagements

Acceptance and Continuance of Client RelAcceptance and Continuance of Client Relationships and Audit Engagements

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Acceptance and Continuance of Client Relationships and Audit Engagements

The engagement partner shall determine that the firm’s policies or procedures for the acceptance and continuance of client relationships and audit engagements have been followed, and that conclusions reached in this regard are appropriate. (Ref: Para. A49–A52, A58)
The engagement partner shall take into account information obtained in the acceptance and continuance process in planning and performing the audit engagement in accordance with the ASAs and complying with the requirements of this ASA. (Ref: Para. A53–A56)
If the engagement team becomes aware of information that may have caused the firm to decline the audit engagement had that information been known by the firm prior to accepting or continuing the client relationship or specific engagement, the engagement partner shall communicate that information promptly to the firm, so that the firm and the engagement partner can take the necessary action. (Ref: Para. A57)