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Extra resources for ACCA Advanced Audit and Assurance P7 (Global) Course Notes ACP7CN07
6 Capping liability would allow auditors to limit the amount of their liability for an individual audit. The maximum amount could be based on some multiple of the audit fee. This is not currently permitted for audit work in the UK although there are government proposals to introduce a cap. This would be a similar system to Germany where a cap is permitted and auditors' liability cannot exceed £1,022,500 for audits of non-quoted companies and £4,090,000 for audits of quoted companies. 7 Many liability claims are settled out of court.
Prepare the content of an engagement proposal document. • Discuss and appraise the criteria that might be used to evaluate tenders received from audit firms in a given situation. • Discuss reasons why audit fees may be lowered from the previous year’s fees. • Explain lowballing and discuss whether or not it impairs independence. • Explain the matters to be considered and the procedures that an audit firm/professional accountant should carry out before accepting a specified new client /engagement including: client acceptance, engagement acceptance and agreeing the terms of engagement.
00 to deliver 500 leaflets to local businesses and personal addresses. Chris has been reviewing outstanding fee income, he has noticed that one of the partnership’s clients Virgo, owned by Dick Branston, has still not paid the previous year’s audit fee. Virgo had tendered for a contract to run the National Lottery, however (due, they believe, to some element of bribery) they were unsuccessful. This has left them with cash flow problems. Dick and Chris are very good friends, Chris is sure that Dick would not default on the fee.