169 paragraphs found
Because of the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial report may not be detected, even though the audit is properly planned and performed in accordance with Australian Auditing …
The Australian Auditing Standards, taken together, provide the standards for the auditor’s work in fulfilling the overall objectives of the auditor. The Australian Auditing Standards deal with the general responsibilities of the auditor, as well as the …
The scope, effective date and any specific limitation of the applicability of a specific Auditing Standard is made clear in the Auditing Standard. Unless otherwise stated in the Auditing Standard, the auditor is not permitted to apply an Auditing …
In performing an audit, the auditor may be required to comply with legal or regulatory requirements in addition to the Australian Auditing Standards. The Australian Auditing Standards do not override law or regulation that governs an audit of a financial …
The auditor may also conduct the audit in accordance with both Australian Auditing Standards and auditing standards of a specific jurisdiction or country. In such cases, in addition to complying with each of the Australian Auditing Standards relevant to …
The Australian Auditing Standards are relevant to engagements in the public sector. The public sector auditor’s responsibilities, however, may be affected by the audit mandate, or by obligations on public sector entities arising from law, regulation or …
In addition to objectives and requirements (requirements are expressed in the Australian Auditing Standards using “shall”), an Auditing Standard contains related guidance in the form of application and other explanatory material. It may also contain …
Where necessary, the application and other explanatory material provides further explanation of the requirements of an Auditing Standard and guidance for carrying them out. In particular, it may: Explain more precisely what a requirement means or is …
Appendices form part of the application and other explanatory material. The purpose and intended use of an appendix are explained in the body of the related Auditing Standard or within the title and introduction of the appendix …
Introductory material may include, as needed, such matters as explanation of: The purpose and scope of the Auditing Standard, including how the Auditing Standard relates to other Auditing Standards. The subject matter of the Auditing Standard. The …