51 paragraphs found
When an entity has relatively few transactions involving financial instruments, it may be relatively easy for the auditor to obtain an understanding of the entity’s objectives for using the financial instruments and the characteristics of the instruments. …
ASA 300 Planning an Audit of a Financial Report deals with the auditor’s responsibility to plan an audit of a financial report. …
While it is necessary to undertake most of the audit procedures in relation to valuation and presentation at the period end, audit procedures in relation to other assertions such as completeness and existence can usefully be tested at an interim period. …
The auditor’s assessment of the risk of material misstatement at the assertion level may change during the course of the audit as additional information is obtained. Remaining alert during the audit, for example, when inspecting records or documents may …
… issued on 8 March 2012 by the AUASB and replaces AGS 1030 Auditing Derivative Financial Instruments . …
The auditor’s assessment of the identified risks at the assertion level in accordance with ASA 315 includes evaluating the design and implementation of internal control. It provides a basis for considering the appropriate audit approach for designing and …
Designing substantive procedures includes consideration of: The use of analytical procedures [23] ―While analytical procedures undertaken by the auditor can be effective as risk assessment procedures to provide the auditor with information about an …
ASA 260 deals with the auditor’s responsibility to communicate with those charged with governance in an audit of a financial report. With respect to financial instruments, matters to be communicated to those charged with governance may include: A lack 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 …
See ASA 540, paragraph 22 . Paragraph 4 of ASA 580 Written Representations states that written representations from management do not provide sufficient appropriate audit evidence on their own about any of the matters with which they deal. If the auditor …