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2.7 Accepting appointment to perform assurance engagement
The following are key steps involved in accepting an appointment to perform an assurance engagement:
- Initial assessment: Conduct an initial assessment of the engagement, including the purpose of the engagement, the type of financial information being reported, and the intended users of the information.
- Understanding of the entity: Gain an understanding of the entity being audited, including its business operations, internal controls, and financial reporting processes.
- Assessment of risks: Assess the risks associated with the engagement, including the risks of material misstatement and the risks of the engagement not being completed in accordance with professional standards.
- Consideration of independence: Consider the independence requirements for the engagement, including any relationships or circumstances that may impact their ability to perform the engagement objectively.