31386 paragraphs found
Ordinarily, management identifies business risks and develops approaches to address them. Such a risk assessment process is part of the entity’s system of internal control and is discussed in paragraph 22 , and paragraphs A109–A113. …
Entities operating in the public sector may create and deliver value in different ways to those creating wealth for owners but will still have a ‘business model’ with a specific objective. Matters public sector auditors may obtain an understanding of that …
For the audits of public sector entities, “management objectives” may be influenced by requirements to demonstrate public accountability and may include objectives which have their source in law, regulation or other …
Industry, Regulatory and Other External Factors (Ref: Para. 19(a)(ii)) Industry factors …
Relevant industry factors include industry conditions such as the competitive environment, supplier and customer relationships, and technological developments. Matters the auditor may consider include: The market and competition, including demand, …
The industry in which the entity operates may give rise to specific risks of material misstatement arising from the nature of the business or the degree of regulation. Example: In the construction industry, long-term contracts may involve significant …
Relevant regulatory factors include the regulatory environment. The regulatory environment encompasses, among other matters, the applicable financial reporting framework and the legal and political environment and any changes thereto. Matters the auditor …
ASA 250 includes some specific requirements related to the legal and regulatory framework applicable to the entity and the industry or sector in which the entity operates. …