What is a predecessor auditor?
If you are performing an initial audit, then the predecessor auditor would be the audit firm that performed the audit last year. For example, if the audit committee switched auditors from KPMG to PwC, then in the current year, PwC would be the successor auditor, and KPMG would the predecessor auditor.
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What is an initial audit and what are some additional things to consider in an initial audit?
An initial audit typically refers to the first time your firm is performing the audit. It is not common for a company to switch auditors, but when they do, your firm will have to perform an initial audit. If you are performing an initial audit, the visual below outlines additional considerations you should think about!
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What is an initial audit engagement?
Initial audits are audits that are conducted for the first time by the audit firm (i.e. the financial statements were not audited or were audited in the prior period by a predecessor auditor). When audits have been previously conducted by a predecessor auditor, the successor auditor (current year auditor) should make inquiries to the predecessor...
What is an initial audit and what are some additional things to consider in an initial audit?
An initial audit typically refers to the first time your firm is performing the audit. It is not common for a company to switch auditors, but when they do, your firm will have to perform an initial audit. If you are performing an initial audit, the visual below outlines additional considerations you should think about!
What is an initial audit engagement?
Initial audits are audits that are conducted for the first time by the audit firm (i.e. the financial statements were not audited or were audited in the prior period by a predecessor auditor). When audits have been previously conducted by a predecessor auditor, the successor auditor (current year auditor) should make inquiries to the predecessor...
