35 paragraphs found
For the continuing auditor where an audited financial report has recently been issued under the Act which includes the directors’ opinion on solvency as part of the directors’ declaration, the audit process may be limited to a consideration of any changes …
Significant changes in fundamental assumptions and/or conditions, for example changes in the nature of the entity’s business, plans for significant acquisitions and disposals may require application of more extensive audit procedures. Some examples of …
For an auditor undertaking an initial audit engagement, and/or a situation where there has been a significant time lag since the issue of the latest audited financial report, and less extensive audit procedures applied in relation to forming an audit …
In any of the situations described above where the audit procedures create doubt as to the directors’ representations concerning solvency, additional audit procedures may need to be undertaken to enable an opinion to be …
The auditor is concerned with obtaining sufficient appropriate audit evidence that the position and declaration given in the directors’ statement pursuant to Item 21.1 of Annexure 1 is fairly presented, based on the foreseeable commercial circumstances …
If, as a result of applying the appropriate level of audit procedures, the auditor forms the opinion that there is sufficient and appropriate audit evidence obtained to support the representations made by the directors in their statement, the auditor …
If the auditor is of the opinion that the audit evidence is inconsistent with the representation made by the directors, under ASA 570 the auditor needs to communicate with those charged with governance e.g. directors and/or audit committee of the …
If the auditor is of the opinion that there is sufficient and appropriate audit evidence to support the representation made by the directors that events exist that put into doubt the ability of the entity to pay its debts as and when they fall due, the …
Item 21.4(b) of Annexure 1, requires the copy of the independent audit [report] to be provided with the directors’ statement before distribution of that report by the franchisor to any franchisee or prospective …
There is no equivalent International Auditing Practice Statement (IAPS) or Auditing Standard to this Guidance Statement. …