70 paragraphs found
The table below outlines: common circumstances when requests for access to an external auditor’s audit working papers may arise; specific paragraphs in this Guidance Statement that could be considered in deciding whether access will be granted; and the …
Certain matters need to be considered when an auditor receives a request for access to audit working papers. They include: client confidentiality requirements concerning access to audit working papers; risk of legal claims resulting from allowing access …
The guidance provided in this Guidance Statement needs to be adapted to the specific client or other circumstances faced by the auditor. For example, when an auditor is responding to a request to access their audit working papers by a regulator, some of …
Before the auditor grants third party access to audit working papers, the client’s consent is necessary to ensure the auditor complies with their common law duty of confidentiality to the client, as well as applicable professional ethical standards on …
When access to audit working papers is required by a regulator, the auditor (unless prohibited by the terms of the regulator) needs to consider informing their client that access is being sought and will be granted in accordance with legislative …
The letter of consent required from the client needs to be signed by a person(s) appropriately authorised to legally bind the client. If the client wishes to give consent under a power of attorney, the auditor considers whether it is necessary to sight …
Whenever the auditor’s client, or any third party, seeks access to audit working papers, the auditor ought to obtain from the client and any third party (as the case may be) an indemnity against any liability which arises as a result of that …
A company cannot under the Act [5] indemnify its auditor from a liability to the company or a related body corporate incurred in the capacity of being the company’s auditor. However, the company can indemnify its auditor against liabilities to third …
The internal audit function of an external auditor’s client may be undertaken by employees of the entity, or, might be outsourced to an internal audit provider. Where the internal audit services are outsourced to an internal audit provider, the …
When the internal audit working papers are “owned” by the client, a consent letter to access the internal audit working papers is not required. Nonetheless, prior to allowing access, the internal audit provider or the client may request the external …