What must be considered alongside ethical considerations when accepting a client?

When accepting a new client, it is essential to consider not only the ethical aspects but also the availability of resources. Resources encompass various factors, including the firm's capacity in terms of personnel, expertise, and time. A firm must ensure that it can adequately service the client without compromising the quality of the audit or assurance work.

If a firm lacks the necessary resources, it may lead to increased stress on staff, potential errors in the audit process, and ultimately endanger the integrity of the audit. Therefore, assessing the availability of resources is fundamental to maintaining professional standards and adhering to ethical guidelines. This approach ensures that the firm can meet deadlines effectively while upholding its obligations to provide high-quality service to its clients.

In contrast, while the cost of the audit, the client's previous records, and a firm's marketing strategy may influence decision-making, they do not directly address the fundamental capability of the firm to handle the client's needs in alignment with ethical standards.