31386 paragraphs found
Relevant Assertions and Significant Classes of Transactions, Account Balances and Disclosures (Ref: Para. 29) Why Relevant Assertions and Significant Classes of Transactions, Account Balances and Disclosures Are …
Determining relevant assertions and the significant classes of transactions, account balances and disclosures provides the basis for the scope of the auditor’s understanding of the entity’s information system required to be obtained in accordance with …
The auditor may use automated techniques to assist in the identification of significant classes of transactions, account balances and disclosures. Examples: An entire population of transactions may be analysed using automated tools and techniques to …
Significant disclosures include both quantitative and qualitative disclosures for which there is one or more relevant assertions. Examples of disclosures that have qualitative aspects and that may have relevant assertions and may therefore be considered …
Assessing Risks of Material Misstatement at the Assertion Level Assessing Inherent Risk (Ref: Para. 31‒33) Assessing the likelihood and magnitude of misstatement (Ref: Para: 31) Why the auditor assesses likelihood and magnitude of …
The auditor assesses the likelihood and magnitude of misstatement for identified risks of material misstatement because the significance of the combination of the likelihood of a misstatement occurring and the magnitude of the potential misstatement were …
Assessing the inherent risk of identified risks of material misstatement also assists the auditor in determining significant risks. The auditor determines significant risks because specific responses to significant risks are required in accordance with …
Inherent risk factors influence the auditor’s assessment of the likelihood and magnitude of misstatement for the identified risks of material misstatement at the assertion level. The greater the degree to which a class of transactions, account balance or …