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When making enquiries of those who may have information that is likely to assist in identifying risks of material misstatement, auditors of public sector entities may obtain information from additional sources such as from the auditors that are involved …
Enquiries of the Internal Audit Function Appendix 4 sets out considerations for understanding an entity’s internal audit function. Why enquiries are made of the internal audit function (if the function …
If an entity has an internal audit function, enquiries of the appropriate individuals within the function may assist the auditor in understanding the entity and its environment, and the entity’s system of internal control, in the identification and …
Auditors of public sector entities often have additional responsibilities with regard to internal control and compliance with applicable laws and regulations. Enquiries of appropriate individuals in the internal audit function may assist the auditors in …
Analytical Procedures (Ref: Para. 14(b)) Why Analytical Procedures Are Performed as a Risk Assessment Procedure …
Analytical procedures help identify inconsistencies, unusual transactions or events, and amounts, ratios, and trends that indicate matters that may have audit implications. Unusual or unexpected relationships that are identified may assist the auditor in …
Analytical procedures performed as risk assessment procedures may therefore assist in identifying and assessing the risks of material misstatement by identifying aspects of the entity of which the auditor was unaware or understanding how inherent risk …
Analytical procedures performed as risk assessment procedures may: Include both financial and non-financial information, for example, the relationship between sales and square footage of selling space or volume of goods sold (nonfinancial). Use data …