31386 paragraphs found
The risks of material misstatement to be identified and assessed include both those due to fraud and those due to error, and both are covered by this ASA. However, the significance of fraud is such that further requirements and guidance are included in …
Professional scepticism is necessary for the critical assessment of audit evidence gathered when performing the risk assessment procedures, and assists the auditor in remaining alert to audit evidence that is not biased towards corroborating the existence …
The application of professional scepticism by the auditor may include: Questioning contradictory information and the reliability of documents; Considering responses to enquiries and other information obtained from management and those charged with …
Why Obtaining Audit Evidence in an Unbiased Manner Is Important (Ref: Para. 13) …
Designing and performing risk assessment procedures to obtain audit evidence to support the identification and assessment of the risks of material misstatement in an unbiased manner may assist the auditor in identifying potentially contradictory …
Designing and performing risk assessment procedures to obtain audit evidence in an unbiased manner may involve obtaining evidence from multiple sources within and outside the entity. However, the auditor is not required to perform an exhaustive search to …
The nature and extent of risk assessment procedures will vary based on the nature and circumstances of the entity (e.g., the formality of the entity’s policies and procedures, and processes and systems). The auditor uses professional judgement to …
Although the extent to which an entity’s policies and procedures, and processes and systems are formalised may vary, the auditor is still required to obtain the understanding in accordance with paragraphs 19, 21, 22, 24, 25 and 26. Examples: Some …