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Explain the requirements of the standards from the Institute of Chartered Accountants Australia and New Zealand...

Explain the requirements of the standards from the Institute of Chartered Accountants Australia and New Zealand regarding you taking over the audit of Magnificent Homeware Ltd from the previous auditor

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As per the Institute of Chartered Accountants Australia and New Zealand in cases where a new auditor takes over the audit of a company from the previous auditor the new auditor is required to request the predecessor auditor to share all relevant and known information with regards to facts and circumstances that the new auditor should be aware of before accepting the engagement.

So, as you are taking over the audit of Magnificent Homeware Ltd from the previous auditor you are required to request the previous auditor to provide you with all the material and relevant information that has been discussed in the first paragraph.

You will also be required to request to the previous auditor to share all information that is with regards to any identified and/or suspected non-compliance with laws and regulations related to Magnificent Homeware Ltd.

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