23 paragraphs found
To audit equity accounting adjustments, relevant information about an associate is required for the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions. AASB 128 requires the investor to use the most recent …
… and the Conduct of an Audit in Accordance with Australian Auditing Standards , is to obtain reasonable assurance about …
The responsibility for establishing whether or not significant influence exists rests with those charged with governance of the investor. The evidence used to determine significant influence is obtained by the auditor and documented in the audit working …
This Guidance Statement is issued on 24 November 2009 and replaces AGS 1032 The Audit Implications of Accounting for Investments in Associates which was issued in …
In some cases unaudited financial information is provided by the associate for equity accounting purposes. Unaudited financial reports or other information and data provide evidential matter which is not of itself sufficient appropriate audit evidence for …
This Guidance Statement does not apply to the audit of investments in associates held by venture capital organisations, mutual funds, unit trusts and similar entities including investment-linked insurance funds when they are measured at fair value through …
Generally, where an investor holds directly or indirectly, 20 per cent or more of the voting power in an investee, in the absence of evidence to the contrary, there could be the presumption of significant influence. However, this percentage is not an …
The auditor needs to obtain an understanding of the entity and its environment and assess the risks of material misstatement in a financial report audit in accordance with ASA 315 Understanding the Entity and Its Environment and Assessing the Risks of …
AASB 128 provides examples of factors which individually, or in combination, may indicate the existence of significant influence. In cases where those charged with governance of the investor are asserting that the provisions of AASB 128 apply, the auditor …
The investor’s auditor gathers sufficient appropriate audit evidence to evaluate: representations made by those charged with governance of the investor as to the existence and ownership of the investment, and the existence or otherwise of significant …