444 paragraphs found
The way in which internal control is designed and implemented varies with an ADI’s size and complexity. Smaller ADIs may use less formal means and simpler processes to achieve their …
Materiality is to be applied as outlined in paragraphs 106-110 and 128-134 of this Guidance Statement. …
In assessing the suitability of the design of controls, ASAE 3150 requires the auditor, at a minimum, to: make enquiries of management or others within the entity regarding how the controls are designed to operate; and examine the design specifications or …
If the auditor becomes aware of a matter(s) that causes the auditor to believe that a material deficiency in the design of controls may exist, ASAE 3150 requires the auditor to design and perform additional assurance procedures until the auditor has …
The auditor obtains sufficient appropriate evidence that the controls identified as necessary to achieving the identified control objectives, were implemented as designed as at the specified date. The auditor’s evaluation of the design of controls may …
ASAE 3150 requires that: the auditor’s assurance procedures include, at a minimum, making enquiries and observation. If the auditor determines that additional assurance procedures, such as the inspection of records and documentation, are required to …
Following the evaluation of whether the ADI has internal controls designed to achieve the relevant control objectives, the appointed auditor performs assurance procedures to obtain evidence about whether these controls have operated as designed throughout …
In accordance with ASAE 3150, when reporting on operating effectiveness over the period, the auditor tests those controls that the auditor has determined are necessary to achieve the relevant control objectives, and assess their operating effectiveness …
Assurance procedures to obtain evidence on operating effectiveness may include discussion with entity personnel (and obtaining written representations), observation of the system in operation, walk-through for an appropriate number of instances of …
Alternatively, under ASAE 3150, the results of exception reporting, monitoring or other management controls may be examined to provide evidence about the operation of the control rather than directly testing …