31386 paragraphs found
The assessment of the risks of material misstatement at the financial report level, and thereby the auditor’s overall responses, is affected by the auditor’s understanding of the control environment. An effective control environment may allow the auditor …
Such considerations, therefore, have a significant bearing on the auditor’s general approach, for example, an emphasis on substantive procedures (substantive approach), or an approach that uses tests of controls as well as substantive procedures (combined …
The Nature, Timing, and Extent of Further Audit Procedures (Ref: Para. 6) …
The auditor’s assessment of the identified risks at the assertion level provides a basis for considering the appropriate audit approach for designing and performing further audit procedures. For example, the auditor may determine that: Only by …
The nature of an audit procedure refers to its purpose (that is, test of controls or substantive procedure) and its type (that is, inspection, observation, enquiry, confirmation, recalculation, re-performance, or analytical procedure). The nature of the …
Timing of an audit procedure refers to when it is performed, or the period or date to which the audit evidence applies. …
Extent of an audit procedure refers to the quantity to be performed, for example, a sample size or the number of observations of a control …
Designing and performing further audit procedures whose nature, timing, and extent are based on and are responsive to the assessed risks of material misstatement at the assertion level provides a clear linkage between the auditor’s further audit …