The auditor may decide not to send a new audit engagement letter or other written agreement each period.  However, the following factors may make it appropriate to revise the terms of the audit engagement or to remind the entity of existing terms:  Any …

Audit documentation means the record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as “working papers” or “workpapers” are also sometimes …

Audit file means one or more folders or other storage media, in physical or electronic form, containing the records that comprise the audit documentation for a specific …

Experienced auditor means an individual (whether internal or external to the firm) who has practical audit experience, and a reasonable understanding of: Audit processes; Australian Auditing Standards and applicable legal and regulatory requirements; The …

The actions of the engagement partner and appropriate messages to the other members of the engagement team, in taking responsibility for the overall quality on each audit engagement, emphasise:  The importance to audit quality of:  Performing work that …

ASQC 1 requires the firm to obtain information considered necessary in the circumstances before accepting an engagement with a new client, when deciding whether to continue an existing engagement, and when considering acceptance of a new engagement with …

An engagement team includes a person using expertise in a specialised area of accounting or auditing, whether engaged or employed by the firm, if any, who performs audit procedures on the engagement.  However, a person with such expertise is not a member …

Assumptions mean expectations made by the responsible party as to future events and actions expected to take place as at the date the prospective financial information is prepared and exclude hypothetical assumptions, unless otherwise stated [3] . …

Assurance report means a written report prepared by an independent assurance practitioner that provides assurance on a single type of financial information (individual assurance report) or on multiple types of financial information (either a composite …