31386 paragraphs found
The application of a systematic and disciplined approach to planning, performing, supervising, reviewing and documenting its activities distinguishes the activities of the internal audit function from other monitoring control activities that may be …
The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain absolute assurance that the financial report is free from material misstatement due to fraud or error. This is because there are inherent limitations of an …
The preparation of a financial report involves judgement by management in applying the requirements of the entity’s applicable financial reporting framework to the facts and circumstances of the entity. In addition, many financial report items involve …
There are practical and legal limitations on the auditor’s ability to obtain audit evidence. For example: There is the possibility that management or others may not provide, intentionally or unintentionally, the complete information that is relevant to …
Timeliness of Financial Reporting and the Balance between Benefit and Cost …
The matter of difficulty, time, or cost involved is not in itself a valid basis for the auditor to omit an audit procedure for which there is no alternative or to be satisfied with audit evidence that is less than persuasive. Appropriate planning assists …
Consequently, it is necessary for the auditor to: Plan the audit so that it will be performed in an effective manner; Direct audit effort to areas most expected to contain risks of material misstatement, whether due to fraud or error, with …