74 paragraphs found
In making risk assessments, the auditor may identify the controls that are likely to prevent, or detect and correct, material misstatement in specific assertions. Generally, it is useful to obtain an understanding of controls and relate them to assertions …
The auditor shall perform risk assessment procedures to provide a basis for the identification and assessment of risks of material misstatement at the financial report and assertion levels. Risk assessment procedures by themselves, however, do not provide …
Risks of material misstatement may be greater for significant judgemental matters that require the development of accounting estimates, arising from matters such as the following: Accounting principles for accounting estimates or revenue recognition may …
The risks to be assessed include both those due to error and those due to fraud, and both are covered by this Auditing Standard. However, the significance of fraud is such that further requirements and guidance are included in ASA 240, in relation to …
Risks of material misstatement may be greater for significant non routine transactions arising from matters such as the following: Greater management intervention to specify the accounting treatment. Greater manual intervention for data collection and …
The engagement partner and other key engagement team members shall discuss the susceptibility of the entity’s financial report to material misstatement, and the application of the applicable financial reporting framework to the entity’s facts and …
Information obtained by performing risk assessment procedures and related activities may be used by the auditor as audit evidence to support assessments of the risks of material misstatement. In addition, the auditor may obtain audit evidence about …
If the entity has an internal audit function, obtaining an understanding of that function contributes to the auditor’s understanding of the entity and its environment, including internal control, in particular the role that the function plays in the …