218 paragraphs found
Preparing sufficient appropriate audit documentation on a timely basis helps to enhance the quality of the audit and facilitates the effective review and evaluation of the audit evidence obtained and conclusions reached before the auditor’s report is …
The audit plan encompasses financial audit procedures, such as the illustrative financial audit procedures listed in Appendix 4 of this Guidance Statement, as well as compliance procedures. …
If the banking operations are significant to the audit, the auditor sends bank audit confirmation requests [87] to the SMSF’s banks. A bank audit confirmation is a request to a bank to provide independent confirmation for audit purposes of such …
… against firm and professional standards, including the Auditing Standards and ASAEs. …
Enquiry consists of seeking financial or non-financial information from knowledgeable persons, either within the SMSF or outside the SMSF. Enquiry is an audit procedure that is used extensively throughout the audit and often is complementary to performing …
The use of data-feeds for information transfer presents additional audit considerations regarding the appropriateness of the audit evidence used as the basis for the auditor’s …
It may not be possible to obtain sufficient appropriate audit evidence with respect to material balances or transactions of the SMSF controlled by the IDPS or service organisation, in which case either the auditor qualifies their opinion on the basis of a …
Where the audit firm or an individual partner is unduly reliant on the audit fees from a particular group of SMSFs, such as those SMSFs referred by a single referral source, the concern about the possibility of losing the referrals may create …
… This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide …
The auditor plans the financial audit and compliance engagement so that they may be conducted in an effective manner in order to reduce audit risk and compliance engagement risk to an acceptably low …