31386 paragraphs found
In some industries, such as the financial services industry, management makes extensive use of IT to conduct business. It may therefore be more likely that there are risks related to certain accounting estimates for which substantive procedures alone …
Circumstances when risks for which substantive procedures alone cannot provide sufficient appropriate audit evidence at the assertion level may exist include: When controls are necessary to mitigate risks relating to the initiation, recording, processing, …
As part of the audit of the financial report for certain entities (such as a bank or insurer), the auditor also may be required by law or regulation to undertake additional procedures in relation to, or to provide an assurance conclusion on, internal …
When the auditor’s further audit procedures in response to a significant risk consist only of substantive procedures, ASA 330 [52] requires that those procedures include tests of details. Such tests of details may be designed and performed under each of …
Obtaining Audit Evidence from Events Occurring up to the Date of the Auditor’s Report (Ref: Para. 21 ) …
In some circumstances, obtaining audit evidence from events occurring up to the date of the auditor’s report may provide sufficient appropriate audit evidence to address the risks of material misstatement. For example, sale of the complete inventory of a …
For some accounting estimates, events occurring up to the date of the auditor’s report are unlikely to provide sufficient appropriate audit evidence regarding the accounting estimate. For example, the conditions or events relating to some accounting …
Even if the auditor decides not to undertake this testing approach in respect of specific accounting estimates, the auditor is required to comply with ASA 560. ASA 560 requires the auditor to perform audit procedures designed to obtain sufficient …
Testing How Management Made the Accounting Estimate (Ref. Para. 22 ) …