Expertly Written Essay On Accounting To Follow

Q1) Before accepting the new company as a client, I would like to first establish the reason why the firm is changing its current accounting firm or why is the client approaching my firm. This can be done through meeting with the management and owners of the company. This is done to ensure that there are no hidden malpractices previously done by the company and to establish the integrity levels of the management.
Further, I would like the company to provide me the references for the previous accounting firms used by them, and I would gain more information about the company from the previous accounting firms before accepting the client.
Q2) Maintenance of objectivity and independence is one of the foremost roles of an auditing firm while auditing the client. The payment of fees by the client can be a conflict of interest if the fees structure is variable and contingent upon the findings of the audit process. However, if the fees structure is flat and fixed, it would ensure higher levels of independence and objectivity by the audit firms.
Also, the audit firms are subject to certain regulatory guidelines and practices and they have to maintain their own public record. So a good audit firm would not let fees by the client cloud its objectivity.
Q3) Ideally Preston should not have accepted the interview offer from Duck LLC after he had already accepted the offer from ABC LLC. But even now, I would advise him to not renege on the offer by ABC LLC and not accept the offer by Duck LLC. At the beginning of his career, Preston needs to understand the importance of building trust with the employer.