31386 paragraphs found
The auditor’s previous experience with the entity and audit procedures performed in previous audits may provide the auditor with information about such matters as: Past misstatements and whether they were corrected on a timely basis. The nature of the …
The auditor is required to determine whether information obtained from the auditor’s previous experience with the entity and from audit procedures performed in previous audits remains relevant and reliable, if the auditor intends to use that information …
Engagement Team Discussion (Ref: Para. 17–18) Why the Engagement Team Is Required to Discuss the Application of the Applicable Financial Reporting Framework and the Susceptibility of the Entity’s Financial report to Material …
The discussion among the engagement team about the application of the applicable financial reporting framework and the susceptibility of the entity’s financial report to material misstatement: Provides an opportunity for more experienced engagement team …
Professional scepticism is necessary for the critical assessment of audit evidence, and a robust and open engagement team discussion, including for recurring audits, may lead to improved identification and assessment of the risks of material misstatement. …
When the engagement is carried out by a single individual, such as a sole practitioner (i.e., where an engagement team discussion would not be possible), consideration of the matters referred to in paragraphs A42 and A46 nonetheless may assist the auditor …
When an engagement is carried out by a large engagement team, such as for an audit of a group financial report, it is not always necessary or practical for the discussion to include all members in a single discussion (for example, in a multi-location …
Discussion of Disclosures in the Applicable Financial Reporting Framework …
As part of the discussion among the engagement team, consideration of the disclosure requirements of the applicable financial reporting framework assists in identifying early in the audit where there may be risks of material misstatement in relation to …