31386 paragraphs found
In designing and performing further audit procedures the auditor may use any of the three testing approaches (individually or in combination) listed in paragraph 18. For example, when several assumptions are used to make an accounting estimate, the …
Obtaining Relevant Audit Evidence Whether Corroborative or Contradictory …
Audit evidence comprises both information that supports and corroborates management’s assertions, and any information that contradicts such assertions. [50] Obtaining audit evidence in an unbiased manner may involve obtaining evidence from multiple …
ASA 330 requires the auditor to obtain more persuasive audit evidence the higher the auditor’s assessment of the risk. [51] Therefore, the consideration of the nature or quantity of the audit evidence may be more important when inherent risks relating to …
The nature, timing and extent of the auditor’s further audit procedures are affected by, for example: The assessed risks of material misstatement, which affect the persuasiveness of the audit evidence needed and influence the approach the auditor selects …
When the Auditor Intends to Rely on the Operating Effectiveness of Controls (Ref: Para: 19 ) …
Testing the operating effectiveness of controls may be appropriate when inherent risk is assessed as higher on the spectrum of inherent risk, including for significant risks. This may be the case when the accounting estimate is subject to or affected by a …
In determining the nature, timing and extent of testing of the operating effectiveness of controls relating to accounting estimates, the auditor may consider factors such as: The nature, frequency and volume of transactions; The effectiveness of the …
Substantive Procedures Alone Cannot Provide Sufficient Appropriate Audit Evidence …