444 paragraphs found
The appointed auditor exercises professional judgement in determining the nature, timing and extent of reasonable assurance procedures to gather sufficient appropriate evidence on which to base the reasonable assurance …
A controls based assurance approach is often the most appropriate approach to adopt in these circumstances. However, where the appointed auditor determines that a material weakness exists in the ADI’s internal controls designed to ensure reliable data is …
Reasonable assurance procedures for obtaining evidence include, but are not limited to, testing of specific controls aimed at ensuring data in Reporting Forms is reliable and prepared in accordance with APRA Prudential Standards and Reporting Standards. …
The appointed auditor may decide to place reliance on work undertaken by the auditor appointed for the purpose of the audit of the general purpose financial report, required under the Corporations Act (the statutory audit), as the basis for opining on the …
Where reliance is being placed on work performed for the statutory audit, the appointed auditor assesses events occurring subsequent to the date of signing the statutory accounts, but before the date of issuing the auditor’s annual prudential assurance …
Materiality is to be applied as outlined in paragraphs 106-127 of this Guidance Statement. …
The appointed auditor evaluates, individually and in aggregate, whether internal control deficiencies and deviations that have come to the auditor’s attention are material. The auditor exercises professional judgement, having regard to the intended users …
In evaluating the severity of identified internal control deficiencies, the appointed auditor considers, based on materiality: the likelihood that the relevant internal controls may fail to prevent or detect: non-compliance with a Prudential Requirement; …
The evaluation of the severity of a deficiency in internal control does not depend on whether a misstatement or non-compliance with a Prudential Requirement has actually occurred, but rather the likelihood that the ADI’s controls may fail to prevent or …
As noted above, the auditor is not required to use RPG 702.0 benchmarks as materiality thresholds for planning the scope of the assurance engagement. However, where the auditor identifies reporting errors as defined by RPG 702.0 it is expected that this …