45 paragraphs found
The auditor considers materiality when: determining the nature, timing and extent of audit procedures; and evaluating the effect of identified compliance plan breaches or weaknesses in compliance …
Materiality is addressed in the context of the responsible entity’s compliance objectives, which are developed having regard to the protection of the interests of scheme members as a whole. Materiality considerations are therefore viewed within the …
The auditor is expected to report significant detected breaches, which either individually or collectively, the auditor judges to be material. The guidance on the meaning and application of the concept of materiality contained in ASAE 3100 is adapted by …
As identified in ASAE 3100 , when assessing materiality, the auditor considers qualitative factors as well as quantitative factors. The following are examples of qualitative factors that may be relevant: the specific requirements of the terms of the …
The auditor of the compliance plan considers: the adequacy of the measures set out in the compliance plan; key responsibilities and risks identified in the compliance plan; processes established by the responsible entity to implement the measures outlined …
When evaluating the responsible entity’s adherence to the compliance plan and the ongoing adequacy of its measures, the auditor will need to obtain from management a copy of the plan and the detailed measures which it provides, together with a written …
To further assist in the audit of the compliance plan, the auditor considers various matters when planning the audit, including: the scheme’s constitution; the Australian financial services licence held by the responsible entity and, in particular, any …
As part of the audit of the compliance plan, the auditor considers the measures in the compliance plan which relate to the responsible entity’s monitoring of, and reporting on specific matters incorporated into the plan. Such a consideration may include, …
Some responsible entities may have a number of schemes with very similar compliance plans, electing (in some instances) to incorporate, into a compliance plan, the provisions of an existing compliance plan by reference. In such situations, the compliance …
In addition, a responsible entity may choose to outsource various functions (e.g. information technology services or registry services) and engage external service providers. The responsible entity is expected to include measures in the compliance plan to …