218 paragraphs found
The use of a service organisation by a SMSF may render the audit evidence required less readily accessible to the auditor, if the service organisation provides some of the record keeping or compliance functions of the SMSF. The location of audit evidence …
Oral explanations to the auditor, on their own, do not represent adequate support for the work the auditor performed or conclusions the auditor reached, but may be used to explain or clarify information contained in the audit documentation. It is …
Enquiry alone ordinarily does not provide sufficient appropriate audit evidence to detect a material misstatement at the assertion level, nor sufficient evidence of the operating effectiveness of controls, therefore the auditor performs further audit …
… /www.ato.gov.au/super/self-managed-super-funds/smsf-auditors/auditing-an-smsf/compliance-audit/ …
The results of the risk assessment procedures enable the auditor to design and perform further audit procedures to respond to the assessed risks for the compliance engagement and financial audit. The auditor determines the nature, timing and extent of …
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 …
Prior to commencing the audit, the auditor performs a number of preliminary activities to gain confidence that undertaking the audit is appropriate from a client and ethical point of view. ASA 300 requires the auditor, prior to beginning an audit …
The auditor may consider it helpful to prepare and retain as part of the audit documentation a summary (sometimes known as a completion memorandum) that describes the significant matters identified during the audit and how they were addressed, or that …
The auditor completes the assembly of the final audit file on a timely basis after the date of the auditor’s report. This facilitates justification and verification that appropriate audit procedures were performed in the audit. Quality reviews, internal …
A bank confirmation certificate is unlikely to provide the auditor with sufficient appropriate audit evidence on the completeness of the transactions that occurred during the financial year under audit. The audit file may also contain a copy of the bank …