130 paragraphs found
The auditor considers materiality when determining the nature, timing and extent of assurance procedures. The objectives of setting materiality are to establish: A tolerable level of misstatement in relation to financial requirements, deficiency in …
The auditor sets materiality in accordance with ASAE 3000 , ASAE 3100 , ASAE 3150 and ASAE 3450 . ASA 320 [20] contains information that the auditor may find helpful in this context. In considering materiality the auditor exercises professional judgement …
As identified in ASAE 3000 , ASAE 3100 , ASAE 3150 and ASAE 3450 , when assessing materiality, the auditor considers qualitative factors as well as quantitative …
Materiality is determined in the same way whether the engagement is a reasonable or limited assurance engagement. The difference between reasonable and limited assurance engagements lies in the nature, timing and extent of evidence gathering procedures, …
When determining materiality, the auditor considers ASIC Regulatory Guide RG 34 Auditor’s obligations: Reporting to ASIC that contains information on the obligations of an auditor of a Licensee in terms of breach reporting and ASIC Regulatory Guide RG 78 …
Although there is a greater risk that misstatements, control deficiencies or noncompliance may not be detected in a limited assurance engagement than a reasonable assurance engagement, the judgement as to what is material is made by reference to the …
An auditor may have concluded that it is appropriate to issue an unmodified opinion or conclusion but during the course of the engagement may have identified non-material matters. The auditor is not expected to modify their audit approach to detect such …
The auditor completes the Application Statements in section 1 of FS71. The Application Statements confirm the basis of the auditor’s completion of the …
Section 2 of FS71 requires the auditor to confirm whether an auditor’s report on the financial statements was prepared separately to the FS71, and attached to the financial report lodged with the FS70, in order for the licensee to meet their obligation …
Section 2 of the FS71 audit report requires reasonable assurance on the control environment to achieve compliance with the requirements of Divisions 2, 3, 4, 4A, 5 and 6 of Part 7.8 of the Act and Division 7 of Part 7.8 other than section 991A. These …