193 paragraphs found
[11] Professional scepticism is necessary to the critical assessment of audit evidence and assists the auditor in remaining alert for possible indications of management bias. This includes questioning contradictory audit evidence and the reliability of …
Application of professional scepticism is required in all circumstances, and the need for professional scepticism increases with the complexity of financial instruments, for example with regard to: Evaluating whether sufficient appropriate audit evidence …
Management’s responsibilities include the preparation of the financial report in accordance with the applicable financial reporting framework. [38] Financial reporting frameworks, including Australian Accounting Standards, often require disclosures in the …
In representing that the financial report is in accordance with the applicable financial reporting framework, management implicitly or explicitly makes assertions regarding the presentation and disclosure of the various elements of financial statements …
Consideration of the appropriateness of presentation, for example on short-term and long-term classification, in substantive testing of financial instruments is relevant to the auditor’s evaluation of the presentation and …
This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide background information about financial instruments (Section 1) and guidance to auditors on audit considerations relating to financial instruments …
This Guidance Statement is issued on 8 March 2012 by the AUASB and replaces AGS 1030 Auditing Derivative Financial Instruments . …
Management may make use of a third-party pricing source, such as a pricing service or broker, in valuing the entity’s financial instruments. Understanding how management uses the information and how the pricing service operates assists the auditor in …
The following matters may be relevant where management uses a third-party pricing source: The type of third-party pricing source – Some third-party pricing sources make more information available about their process. For example, a pricing service often …
Paragraphs A63-A66 of ASA 540 provide examples of some of the factors that may be relevant. …