The auditor’s assessment of inherent risk, which takes into account the degree to which an accounting estimate is subject to, or affected by estimation uncertainty, complexity, subjectivity or other inherent risk factors, assists the auditor in …

The Auditor’s Further Audit Procedures (Ref: Para.  18 ) …

In designing and performing further audit procedures the auditor may use any of the three testing approaches (individually or in combination) listed in paragraph 18. For example, when several assumptions are used to make an accounting estimate, the …

Obtaining Relevant Audit Evidence Whether Corroborative or Contradictory …

Audit evidence comprises both information that supports and corroborates management’s assertions, and any information that contradicts such assertions. [44]  Obtaining audit evidence in an unbiased manner may involve obtaining evidence from multiple …

ASA 330 requires the auditor to obtain more persuasive audit evidence the higher the auditor’s assessment of the risk. [45]  Therefore, the consideration of the nature or quantity of the audit evidence may be more important when inherent risks relating to …

Scalability …

The discussion among the engagement team about the application of the applicable financial reporting framework and the susceptibility of the entity’s financial report to material misstatement: Provides an opportunity for more experienced engagement team …

The nature, timing and extent of the auditor’s further audit procedures are affected by, for example: The assessed risks of material misstatement, which affect the persuasiveness of the audit evidence needed and influence the approach the auditor selects …

When the Auditor Intends to Rely on the Operating Effectiveness of Relevant Controls (Ref: Para: 19 ) …