33 paragraphs found
An effective internal audit function may enable the assurance practitioner to modify the nature and/or timing, and/or reduce the extent of assurance procedures performed, but cannot eliminate them …
In planning the engagement, the assurance practitioner shall determine whether the entity has an internal audit function. If so the assurance practitioner shall obtain an understanding of the internal audit function and perform a preliminary assessment …
See Guidance Statement GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions and Prudential Standard APS 310 Audit and Related Matters . …
Irrespective of the degree of autonomy and objectivity of the internal audit function, such a function is not independent of the entity as is required of the assurance practitioner when performing the engagement. The assurance practitioner has sole …
Although the assurance practitioner may consider the results of any tests of the operating effectiveness of controls conducted by the internal audit function when evaluating operating effectiveness, the assurance practitioner shall remain responsible for …
In accepting an assurance engagement on controls, the assurance practitioner, in order to comply with relevant ethical requirements, considers whether the assurance practitioner has provided internal audit or consulting services with respect to the design …
If the work of the internal audit function has been used, the assurance practitioner shall make no reference to that work in the section of the assurance report that contains the assurance practitioner’s conclusion. (Ref: Para. A115 …
See ASA 402 Audit Considerations Relating to an Entity Using a Service Organisation . …
When developing the engagement plan, the assurance practitioner considers factors such as: matters affecting the industry in which the entity operates, for example economic conditions, laws and regulations, and technology; risks to which the entity is …
The assurance practitioner applies ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment when obtaining an understanding of controls for the purposes of the audit of a financial report, …