The considerations specific to smaller entities included in the Australian Auditing Standards have been developed primarily with unlisted entities in mind.  Some of the considerations, however, may be helpful in audits of smaller listed …

The Australian Auditing Standards refer to the proprietor of a smaller entity who is involved in running the entity on a day‑to‑day basis as the …

When the auditor conducts the audit in accordance with Australian Auditing Standards and International Standards on Auditing (“ISAs”), in accordance with ASA 700 the auditor’s report is required to refer to the audit having been conducted in accordance …

Fraud, whether fraudulent financial reporting or misappropriation of assets, involves incentive or pressure to commit fraud, a perceived opportunity to do so and some rationalisation of the act.  For example: Incentive or pressure to commit fraudulent …

Maintaining professional scepticism requires an ongoing questioning of whether the information and audit evidence obtained suggests that a material misstatement due to fraud may exist.  It includes considering the reliability of the information to be used …

Discussing the susceptibility of the entity’s financial report to material misstatement due to fraud with the engagement team: Provides an opportunity for more experienced engagement team members to share their insights about how and where the financial …

Objectives Stated in Individual Auditing Standards (Ref: Para. 21) …

Each Auditing Standard contains one or more objectives which provide a link between the requirements and the overall objectives of the auditor.  The objectives in individual Auditing Standards serve to focus the auditor on the desired outcome of the …

Objectives are to be understood in the context of the overall objectives of the auditor stated in paragraph 11 of this Auditing Standard.  As with the overall objectives of the auditor, the ability to achieve an individual objective is equally subject to …

In using the objectives, the auditor is required to have regard to the interrelationships among the Australian Auditing Standards.  This is because, as indicated in paragraph A55 , the Australian Auditing Standards deal in some cases with general …