51 paragraphs found
… and at appropriate amounts. The auditor’s procedures around auditing disclosures are designed in consideration of these …
Some financial reporting frameworks, for example, Australian Accounting Standards, require disclosure of information that enables users of the financial report to evaluate the nature and extent of the risks arising from financial instruments to which the …
Procedures that may provide audit evidence to support the completeness, accuracy, and existence assertions include: External confirmation of bank accounts, trades, and custodian statements. This can be done by direct confirmation with the counterparty …
ASA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management establishes requirements and provides guidance on communicating deficiencies in internal control to management and communicating significant …
ASA 315, paragraph 6(b) , requires the auditor to apply analytical procedures as risk assessment procedures to assist in assessing the risks of material misstatement in order to provide a basis for designing and implementing responses to the assessed …
Obtaining prices from multiple third-party pricing sources may also provide useful information about measurement uncertainty. A wide range of prices may indicate higher measurement uncertainty and may suggest that the financial instrument is sensitive to …
… Certain factors may make auditing financial instruments particularly challenging. For …
Audit procedures to test the assumptions used by management, including those used as inputs to models, may include evaluating: Whether, and if so, how, management has incorporated market inputs into the development of assumptions, as it is generally …
… Accordingly, auditing financial instruments may require the involvement …
ASA 540 requires the auditor to obtain written representations from management and, where appropriate, those charged with governance whether they believe significant assumptions used in making accounting estimates are reasonable. [41] ASA 580 [42] …