653 paragraphs found
Assertions used by the auditor fall into the following categories: Assertions about classes of transactions and events reflected in the SMSF’s operating statement for the period under audit: Occurrence - transactions and events that have been recorded …
ASA 320 requires the auditor to make a preliminary assessment of materiality to establish an appropriate quantitative materiality level to plan risk assessment procedures, further audit procedures, selection strategies and other audit procedures for the …
The auditor uses the preliminary quantitative materiality level and the assessed risk of material misstatement at both the financial report level and at the assertion level, for classes of transactions and account balances, to determine the nature, timing …
In assessing the materiality of any misstatements identified during the audit and their impact on the auditor’s report, the auditor considers both quantitative and qualitative factors. Qualitative factors which the auditor considers include: the …
ASA 450 requires the auditor to consider the possibility that the cumulative result of uncorrected misstatements below the materiality level could have a material effect on the financial …
Upon appointment to a new engagement, ASA 510 requires the auditor to obtain sufficient appropriate audit evidence that: the opening balances (account balances which exist at the beginning of the period) do not contain misstatements that materially affect …
When the prior period’s financial report was audited by another auditor, the current auditor may be able to obtain sufficient appropriate audit evidence by reviewing the predecessor auditor’s working papers. In these circumstances, the current auditor …
Prior to communicating with the predecessor auditor, under ASA 220 , the current auditor is required to consider the relevant ethical requirements which includes client consent. It is common practice for a successor auditor to issue a letter to the …
GS 011 Third Party Access to Audit Working Papers provides Example Letter E as a guide for auditors when wanting to access the working papers of a predecessor auditor. GS 011 provides guidance in the case of voluntary co-operation. There is no legislative …
Ordinarily, some audit evidence for opening balances may be obtained as part of the current period’s audit procedures on current assets and liabilities. Performing audit procedures on the on the opening bank account and other material items may provide …