Fax Initial Acceptance with airSlate SignNow

Set out initials attestation

hello and welcome to the session in which we would look at accepting clients and performing initial audit planning in the prior session we looked at planning in general why planning is important when we do an audit now we're going to be little bit more specific in terms of what steps do we undertake during the planning process but sorting by accepting clients so let's go ahead and start by looking at when do we when do we accept the client so we don't accept the clients all the time because some prime some clients may not be repeatable we don't associate ourselves with them some clients may lack integrity like management might might lack integrity so it's very important that every year we if it's an existing client we need to review the existing client to see if anything changes maybe one we picked up this client everything was good maybe the client is not is not telling us for the past two years they're giving us a hard time maybe we don't want to associate with associate with them anymore or if it's a new client we have to decide if that client fits our client portfolio do we have enough expertise on hand to service the client let's assume it's a bank and if we don't service the banking industry we may not want to take on that client also what I think about client portfolio diversification in a sense that we don't want to have all our client in one industry why because what happened is if something happened to that industry for example for if we are already in retail and retail goes down then we don't want to face that risk so you want to make sure that our client portfolio is pretty diversified also before we accept the client we want to make sure that the firm and its management they have integrity in other words we can trust the word we're comfortable working with them otherwise what's going to happen is it's going to backfire there's something called Association risk we don't associate ourselves with people that lacks integrity okay also we may we may want to look at their financial performance if they're doing well maybe you want we want we want the client that's the one well why because they're going to they're going to ask for more services we can provide more services assuming it doesn't conflict with any other regulations because at the end of the day remember we don't want to be Arthur Andersen we don't want to be Arthur Andersen why because we don't want to pick up clients that lacks integrity because no one else will pick them up why because at the end of the day what's going to happen if they keep on pushing the envelope or responsible for define we're not responsible for the financial statements but we by default we associate ourselves with them so it's going to backfire okay...