31386 paragraphs found
External confirmation procedures frequently are relevant when addressing assertions associated with account balances and their elements, but need not be restricted to these items. For example, the auditor may request external confirmation of the terms of …
Although external confirmations may provide relevant audit evidence relating to certain assertions, there are some assertions for which external confirmations provide less relevant audit evidence. For example, external confirmations provide less relevant …
The auditor may determine that external confirmation procedures performed for one purpose provide an opportunity to obtain audit evidence about other matters. For example, confirmation requests for bank balances often include requests for information …
Factors that may assist the auditor in determining whether external confirmation procedures are to be performed as substantive audit procedures include: The confirming party’s knowledge of the subject matter – responses may be more reliable if provided …
Substantive Procedures Related to the Financial Report Closing Process (Ref: Para. 20(b)) …
The nature, and also the extent, of the auditor’s substantive procedures related to the financial statement closing process depends on the nature and complexity of the entity’s financial reporting process and the related risks of material …
Substantive Procedures Responsive to Significant Risks (Ref: Para. 21) …
Paragraph 21 of this Auditing Standard requires the auditor to perform substantive procedures that are specifically responsive to risks the auditor has determined to be significant risks. Audit evidence in the form of external confirmations received …
In most cases, audit evidence from a previous audit’s substantive procedures provides little or no audit evidence for the current period. There are, however, exceptions, for example, a legal opinion obtained in a previous audit related to the structure …