31386 paragraphs found
The audit is conducted on the premise that management and, where appropriate, those charged with governance have acknowledged and understand that they have responsibility for the preparation of the financial report in accordance with the applicable …
If a response from the entity’s external or internal legal counsel contains a material disagreement with management’s original evaluation of a particular matter, the auditor shall seek discussions with management and the entity’s legal counsel, unless …
In meeting the ASA 315 requirement to obtain an understanding of the control environment, [21] the auditor may consider features of the control environment relevant to mitigating the risks of material misstatement associated with related party …
Controls over related party relationships and transactions within some entities may be deficient or non‑existent for a number of reasons, such as: The low importance attached by management to identifying and disclosing related party relationships and …
Fraudulent financial reporting often involves management override of controls that otherwise may appear to be operating effectively. [23] The risk of management override of controls is higher if management has relationships that involve control or …
ASA 450 requires the auditor to consider both the size and the nature of a misstatement, and the particular circumstances of its occurrence, when evaluating whether the misstatement is material. [28] The significance of the transaction to the financial …
The auditor shall enquire of management about new litigation and claims referred to the entity’s legal counsel subsequent to the date of the request for a letter of enquiry to the entity’s legal counsel and prior to signing the auditor’s report. (Ref. …
Evaluating the related party disclosures in the context of the disclosure requirements of the applicable financial reporting framework means considering whether the facts and circumstances of the entity’s related party relationships and transactions have …