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It may also be useful to compare financial results with those of similar size competitors, considering the relative strengths, weaknesses, and market position within the client’s market.
Auditors need to consider the client’s countries of operation and evaluate the risk of foreign customers and counterparties failing to settle their obligations due to economic, political, and social factors of their country.
In addition, they also need to consider the markets in which the client operates.
This accords with the CICA guidelines that these perceptions and redefinitions first grow out of behavior and only later condense into a management philosophy.
Thus the new approach to risk management will inevitably supplant the old, at least in strategically transforming banks. Whether the stable of risks, in other words, contains three, four, or thirteen horses will depend upon the size, complexity, and sheer style of particular companies.
Within the conceptual framework of this research, we will critically analyze CICA guideline for auditors, called “The First Audit Engagement.” The adequacy of the instructions presented will be considered using the accounting principles; detailed analysis of various activities will be performed as well to assess the overall assurance achieved if the guidelines are followed.
It is apparent that the guidelines present a set of valuable instructions that should not be underestimated when it comes to the risks associated with the first audit engagement.
A consideration of markets generally covers: Evaluating the nature of these portfolios may require a knowledge of the business and reporting practices of those industries.
To gain further knowledge about a first time client, it may be helpful to benchmark the financial information available to local industry statistics published by the central banks and market information providers.
Fineout-Overholt E, Melnyk BM, Stillwell SB and Williamson KM (2010) Critical appraisal of the evidence: part I.
An introduction to gathering, evaluating and recording the evidence, American Journal of Nursing, 110 (7), pp.47-52.