444 paragraphs found
If the auditor has reason to believe that the subject matter information subject to limited assurance may be materially misstated, AUASB Standards require that the auditor carry out additional or more extensive procedures as are considered necessary to be …
Materiality is to be applied as outlined in paragraphs 106-127 of this Guidance Statement. …
Under the advanced approaches for measuring capital adequacy, an Advanced ADI is permitted to use its own quantitative risk estimates in calculating regulatory capital. This involves a greater use of internal risk measurement models that generate the …
At the planning stage of the engagement, the appointed auditor decides on the appropriate assurance approach to adopt in order to gather evidence to reduce the assurance engagement risk to an acceptable low level to provide limited assurance in relation …
A controls based assurance approach is often the most appropriate approach to adopt in these circumstances. The appointed auditor gathers evidence regarding the internal control structure, and that key controls around the risk measurement models, as …
In concluding on any data produced from the internal risk measurement models, the appointed auditor cannot place sole reliance on work performed by APRA, as part of the initial accreditation process for becoming an Advanced ADI or in any subsequent …
The appointed auditor is required to express a conclusion, based on a limited assurance engagement, whether anything has come to the attention of the auditor to cause the auditor to believe that, in all material respects: the ADI has not implemented …
The appointed auditor conducts the limited assurance engagement related to internal controls in accordance with ASAE 3150 . …
Based on the auditor’s understanding of the ADI and/or ADI group and its environment, risk management practices in place, and the internal control and compliance framework, as obtained for the purpose of planning the engagement, the auditor performs …
The auditor generally adopts a ‘top down’ approach in gathering evidence by, for example, making enquiries of key personnel, observing the entity’s operations, performing ‘walk-through’ tests of controls, and inspecting relevant documentation, in order to …