31386 paragraphs found
The Component Auditor’s Professional Competence (Ref: Para. 19(b)) …
The group engagement team’s understanding of the component auditor’s professional competence may include whether the component auditor: Possesses an understanding of auditing and other standards applicable to the group audit that is sufficient to fulfill …
Application of the Group Engagement Team’s Understanding of a Component Auditor (Ref: Para. 20) …
The group engagement team cannot overcome the fact that a component auditor is not independent by being involved in the work of the component auditor or by performing additional risk assessment or further audit procedures on the financial information of …
However, the group engagement team may be able to overcome less than serious concerns about the component auditor’s professional competency (for example, lack of industry specific knowledge), or the fact that the component auditor does not operate in an …
Where law or regulation prohibits access to relevant parts of the audit documentation of the component auditor, the group engagement team may request the component auditor to overcome this by preparing a memorandum that covers the relevant …
To reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements in the group financial report exceeds materiality for the group financial report as a whole, component materiality is set lower than …
Substantive procedures are designed to detect material misstatements at the assertion level. They comprise tests of details and substantive analytical procedures. Designing substantive procedures includes identifying conditions relevant to the purpose …