56 paragraphs found
The Example Letters in Appendix 1 incorporate a suggested form of release, indemnity and waiver of reliance that an auditor ordinarily seeks when responding to a request to access their audit working …
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 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 …
“Internal audit function” means an appraisal activity, established within, or provided as a service to the entity. Its functions include, amongst other things, examining, evaluating and monitoring the adequacy and effectiveness of internal …
“Third parties” , in addition to internal audit providers defined in (f) above, may also include regulators, auditors of controlling entities or joint ventures, advisers to prospective purchasers, investors or lenders, and successor …
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 …
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 …
If under the relevant legislation regulatory authorities seek access to audit working papers, the auditor’s statutory obligations under normal circumstances will override common law or professional responsibilities to respect the confidentiality of the …
Where the predecessor auditor agrees to provide the successor auditor access to the auditor’s audit working papers, such access ordinarily involves an exchange of letters between the two auditors. Example Letter E in Appendix 1sets out the matters …
Regulators may seek to access an auditor’s audit working papers when, for example, they are undertaking: an investigation of an alleged or suspected contravention of the relevant legislation by the auditor’s client; or compliance-related surveillance …