Risk of material misstatement means the risk that the financial report is materially misstated prior to audit. This consists of two components, described as follows at the assertion level:  (Ref: Para A3) Inherent risk means the susceptibility of an …

Those charged with governance means the person(s) or organisation(s) (for example, a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes …

The auditor shall comply with relevant ethical requirements, including those related to independence, relating to a financial report audit engagement. …

The auditor shall plan and perform an audit with professional scepticism recognising that circumstances may exist that cause the financial report to be materially misstated.  …

The auditor shall exercise professional judgement in planning and performing an audit of a financial report.  (Ref: Para. A26‑A30) …

To obtain reasonable assurance, the auditor shall obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion. …

Complying with Australian Auditing Standards Relevant to the Audit …

The auditor shall comply with all Australian Auditing Standards relevant to the audit.  An Auditing Standard is relevant to the audit when the Auditing Standard is in effect and the circumstances addressed by the Auditing Standard exist.  …