The auditor may respond to questions about auditor independence with reference to the Act, [14] Australian Auditing Standards and relevant ethical requirements. [15] Where an individual auditor or an audit firm or audit company has prepared a written …

ASA 200 requires the auditor to plan and perform an audit by exercising professional judgement and with an attitude of professional scepticism recognising that circumstances may exist that cause the financial report to be materially …

In accordance with ASA 300 [16] the auditor exercises professional judgement to assess audit risk and to design audit procedures to ensure audit risk is reduced to an acceptable level. The auditor’s assessment of risk requires as prerequisites both a …

It is possible that members may not be familiar with the relevant statutory requirements governing an audit of a financial report. Responses to questions at an AGM provide an opportunity to inform members of the requirements mandated by Australian …

Questions which relate to specific audit procedures and/or in relation to specific parts of the financial report are addressed by reference to the fact that the auditor’s report relates to the financial report taken as a whole. In this context, it may not …

The auditor may find it useful to refer also to ASA 101 [20] which set out how the AUASB Standards are to be understood, interpreted and applied, to explain to members that Australian Auditing Standards contain mandatory requirements relating to the …

Members may request the auditor to comment on accounting policies adopted by the entity. When responding to questions on accounting policies the auditors may explain that selection of accounting policies is the responsibility of those charged with …

Responses given in respect of questions on internal control may be provided within the context of the financial report audit. The Auditors may refer to the Auditor’s Responsibilities for the Audit of the Financial Report section of the auditor’s report …

Depending on the questions asked the auditor may also communicate that assurance is not provided on internal control, but rather that control procedures are examined only to the extent that reliance thereon might enable modification to the nature, timing …

The auditor may receive a question in relation to how they have addressed the risk of fraud when conducting the audit. The auditor responds to questions about fraud based on the specific circumstances of the entity, and may consider referencing to ASA 240 …