31386 paragraphs found
Evaluating the Audit Evidence Obtained from the Risk Assessment Procedures (Ref: Para 35) Why the Auditor Evaluates the Audit Evidence from the Risk Assessment …
Audit evidence obtained from performing risk assessment procedures provides the basis for the identification and assessment of the risks of material misstatement. This provides the basis for the auditor’s design of the nature, timing and extent of further …
Audit evidence from risk assessment procedures comprises both information that supports and corroborates management’s assertions, and any information that contradicts such assertions. …
In evaluating the audit evidence from the risk assessment procedures, the auditor considers whether sufficient understanding about the entity and its environment, the applicable financial reporting framework and the entity’s system of internal control has …
Classes of Transactions, Account Balances and Disclosures that Are Not Significant, but Which Are Material (Ref: Para. 36) …
As explained in ASA 320, [63] materiality and audit risk are considered when identifying and assessing the risks of material misstatement in classes of transactions, account balances and disclosures. The auditor’s determination of materiality is a matter …
There may be classes of transactions, account balances or disclosures that are material but have not been determined to be significant classes of transactions, account balances or disclosures (i.e., there are no relevant assertions identified). Example: …
Audit procedures to address classes of transactions, account balances or disclosures that are material but are not determined to be significant are addressed in ASA 330. [65] When a class of transactions, account balance or disclosure is determined to be …