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ENGAGEMENT RISK: A PRELIMINARY ANALYSIS OF AUDIT FIRMS' CLIENT ACCEPTANCE DECISIONS
Academy of Accounting and Financial Studies Journal, January, 2007 by Canfield, Kurt; Marsh, Treba Lilley; Ethridge, Jack R
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ABSTRACT
The audit function creates several important relationships among the various parties. One of the most significant and potentially problematic relationships is between the audit firm and the audit client. The decision by the audit firm to accept or retain a client is crucial because of the potential risk of being associated with certain clients. The potential damage can range from financial loss, loss of prestige, to the ultimate demise of the audit firm. Engagement risk is considered to be composed of three components: client's business risk, audit risk, and auditor's business risk.
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