170 paragraphs found
Under the AUASB Standards, the preconditions for each assurance aspect of the MSE engagement are established. In order to determine whether the preconditions for an assurance engagement are present, the auditor: Determines whether the subject matter is …
The engagement letter is a contract which is required on all engagements conducted by an auditor. [14] The requirement for an engagement letter is not conditional on the timing of appointment; clarity of mandates and reporting requirements; or the level …
An entity may request a SSGA or a MSE without appropriate articulation of the engagement requirements. Auditors clarify the requirements, purpose and other relevant preliminary details, for each SSGA or discrete section of a MSE prior to accepting the …
The auditor obtains a thorough understanding of all mandates, establishes whether the preconditions are present, clarifies management’s (the responsible party’s) responsibilities and identifies the broad engagement scope/objectives before accepting the …
Of importance to the auditor is clarity about the suitability of criteria, including the acceptability of the reporting framework (if applicable) and management’s acceptance of its responsibility to report under that framework. As auditors do not provide …
An entity may approach the auditor of the entity’s annual financial report at the completion of that audit with a request to conduct a SSGA or MSE. Regardless of the timing of such a request, the auditor needs to ensure the terms of the engagement are …
In obtaining that understanding, auditors are mindful of the threats to effectiveness and efficiency in conducting the engagement as well as potential for non-compliance with AUASB Standards. Planning and performing assurance procedures, and agreed-upon …
The expected reporting requirements or available reporting options of the SSGA or MSE are an important part of understanding the engagement mandates. See paragraphs 50-70 for further discussion on …
Where engagement mandates are defined in outdated terms, such as is the case in some legislation, regulation or longstanding contracts, the auditor may communicate with the relevant regulator or parties to the contract (the users). The auditor’s objective …