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.

---

Definitions:

Variable Costing

An accounting method that only includes variable costs in product costing and decision-making.

Fixed Costs

Outgoings such as rent, salaries, and premiums for insurance that are unaffected by the quantity of sales or production.

Special Orders

Custom orders that typically differ from standard products and may have unique pricing or production requirements.

Variable Costs

Expenses that fluctuate in direct proportion to production or sales figures, like direct labor and raw materials.