31386 paragraphs found
To achieve uniformity and comparability of financial information, group management ordinarily issues instructions to components. Such instructions specify the requirements for financial information of the components to be included in the group financial …
The instructions ordinarily cover: The accounting policies to be applied; Statutory and other disclosure requirements applicable to the group financial report, including: The identification and reporting of segments; Related party relationships and …
The group engagement team’s understanding of the instructions may include the following: The clarity and practicality of the instructions for completing the reporting package. Whether the instructions: Adequately describe the characteristics of the …
The auditor is required to identify and assess the risks of material misstatement of the financial report due to fraud, and to design and implement appropriate responses to the assessed risks. [18] Information used to identify the risks of material …
Discussion among Group Engagement Team Members and Component Auditors Regarding the Risks of Material Misstatement of the Group Financial Report, Including Risks of Fraud …
The key members of the engagement team are required to discuss the susceptibility of an entity to material misstatement of the financial reports due to fraud or error, specifically emphasising the risks due to fraud. In a group audit, these discussions …
The discussions provide an opportunity to: Share knowledge of the components and their environments, including group‑wide controls. Exchange information about the business risks of the components or the group. Exchange ideas about how and where the …
Appendix 3 sets out examples of conditions or events that, individually or together, may indicate risks of material misstatement of the group financial report, including risks due to …