70 paragraphs found
For an audit or review conducted under the Corporations Act 2001 of a financial report that includes consolidated financial statements, the auditor of a controlled entity must allow the auditor of the controlling entity access to the controlled entity’s …
The auditor of a controlled entity may grant the auditor of the controlling entity access to its audit working papers. For example, access is normally given for audit or review engagements (under the Act or otherwise), but only if: the controlled entity …
When access to audit working papers is granted, for audit or review engagements under the Act, the controlling entity cannot release or indemnify the auditor of the controlled entity under the Act’s relevant provisions. [8] The auditor of the controlling …
Notwithstanding some uncertainty about the working paper access obligations of an auditor of a controlled entity under the Act [10] , Example Letter A in Appendix 1 identifies the basis upon which the auditor of a controlled entity may make audit working …
Ordinarily, the auditor of the controlled entity will not allow the auditor of the controlling entity access to its audit working papers until the auditor of the controlled entity has completed its audit or …
For the purposes of this Guidance Statement, the audit of a controlled entity is complete when: the directors’ declaration about the financial statements [11] or similar representation by the entity’s governing body, attached to the financial report, is …
Some practical issues that may be encountered by an auditor of a controlled entity regarding access to their audit working papers by the auditor of the controlling entity include: Where the controlled entity is a subsidiary of an overseas controlling …
The following guidance is also relevant with regard to access to audit working papers by the auditor of the controlling entity: At the completion of the audit of a controlled entity, the auditor of the controlled entity may grant the auditor of the …
When an audit client is one of the parties in a joint venture, the audit client’s auditor may seek access to the audit working papers belonging to the auditor of the joint venture. In this context, issues similar to those related to access to audit …
Owners of an entity seeking to sell their investment, or entities seeking further equity or loan funding from third parties, often believe their objectives might be facilitated by requesting the entity’s auditor to make available their audit working …