The auditor's approval of the client's transaction

Abstract

The work deals with one of the important parts of the field of audit practice - the client's agreement to the deal.

In the not-so-distant past, auditors (auditing firms) operating in Georgia, who did not represent international network companies, paid less attention to the necessary procedures for hiring a client, which is required by the relevant international audit standards, and the client was hired recklessly - the main thing was to find a client; a thorough study of the client was not carried out and accordingly a decision was made as to whether it is possible to enter into a transaction with this or that client; Or there was only a review of the accounting data, and the important information about the client and the discussion of risks, which is necessary to continue the audit or refuse the deal, were not being sought.

The author, based on his experience, describes in the work what should be the procedures to be carried out by the auditor to start the audit and correctly select the client, and expresses important opinions about them.