List the Steps Required in Client Acceptance, in Exact Order

question 5

Essay

List the steps required in client acceptance, in exact order. Also include important factors the auditor would consider in deciding whether or not to accept the client.

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Definitions:

AGI

Adjusted Gross Income (AGI) is a measure of income calculated from your gross income and allows for certain deductions, serving as a basis for calculating taxable income.

Dependent Child

A child who relies on their parent or guardian for more than half of their financial support and meets certain IRS criteria for tax purposes.

Foreign Tax Credit

A tax credit that cannot be refunded for income taxes paid to an external government due to withholdings from foreign income tax.

Foreign Income Taxes

Taxes paid to a foreign government for income earned outside of the taxpayer's resident country.