Question：When a company invites a firm to be appointed as auditor to the company, a number of steps should be taken by the firm. The following is a list of five steps.
Which are the necessary steps?
(i) Issue an engagement letter.
(ii) Consider whether the firm is independent and is competent to undertake the audit.
(iii) Check that the appointment has been made properly by shareholders.
(iv) Write to, and receive a response from the outgoing auditors.
(v) Ensure that the outgoing auditors do not wish to be re-appointed.
A. (i), (ii), (iii), (iv), (v).
B. (i), (ii), (iii).
C. (i), (ii).
D. (i).
E. (i), (ii), (iii), (iv).
The correct answer is: (i), (ii), (iii), (iv).
It is necessary for auditors to issue an engagement letter, consider whether the firm is independent and is competent to undertake the audit, to check that the appointment has been made properly by shareholders and to write to, and receive a response from the outgoing auditors.
It is not necessary to ensure that the outgoing auditors do not wish to be re-appointed.
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