445 paragraphs found
The appointed auditor performs procedures appropriate to provide limited assurance in relation to internal controls existing at the date of the engagement, and whether those controls have operated as documented throughout the financial year. Projections …
Consequently, there are inherent limitations on the level of assurance that can be provided. …
Prior to issuing the auditor’s annual prudential assurance report, the appointed auditor considers obtaining written representations [101] from responsible management and, where appropriate, those charged with governance of the ADI and/or ADI group, as …
These written representations are generally in the form of a representation letter. In obtaining and using these written representations, the appointed auditor complies with the requirements of, as appropriate, AUASB standards ASA 580 [102] , ASRE 2405, …
Refer to Appendix 3 of this Guidance Statement for an illustrative example of the format of a representation letter, as well as examples of representations that may be considered appropriate in the specific engagement …
It is the responsibility of the appointed auditor to make the ADI aware, as soon as practicable, of any identified material misstatements in ADI Reporting Forms, material deficiencies and/or deviations in internal controls and instances of material …
Such communications are made as soon as practicable, either orally or in writing. The appointed auditor’s decision whether to communicate orally or in writing ordinarily is affected by factors such as the nature, sensitivity and significance of the matter …
When, in the appointed auditor’s judgement, those charged with governance do not respond appropriately within a reasonable period of time, the appointed auditor considers whether to modify the auditor’s annual prudential assurance …
It is important that the appointed auditor understands their additional statutory responsibilities to report certain matters to APRA under the Banking Act. Failure to notify APRA as required represents criminal offences, which attracts criminal penalties. …
Material findings (misstatements, control deficiencies and/or deviations and non-compliance) are reported to APRA and the ADI’s Board (or Board Audit Committee) as modifications to the appointed auditor’s assurance …