31386 paragraphs found
For tests of controls, an unexpectedly high sample deviation rate may lead to an increase in the assessed risk of material misstatement, unless further audit evidence substantiating the initial assessment is obtained. For tests of details, an …
Many financial reporting frameworks discuss the concepts of control and significant influence. Although they may discuss these concepts using different terms, they generally explain that: Control is the power to govern the financial and operating …
The nature, timing and extent of the further audit procedures that the auditor may select to respond to the assessed risks of material misstatement associated with related party relationships and transactions depend upon the nature of those risks and the …
Circumstances in which it may be appropriate to obtain written representations from those charged with governance include: When they have approved specific related party transactions that (a) materially affect the financial report, or (b) involve …
Communicating significant matters arising during the audit [29] in connection with the entity’s related parties helps the auditor to establish a common understanding with those charged with governance of the nature and resolution of these matters. …
(Ref: Para. 16 ) Use of the Terms “Management” and “Those Charged with Governance” …