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  • 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.

  • 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 auditor after client has given permission to do so.