72 paragraphs found
The objective of the auditor, when using external confirmation procedures, is to design and perform such procedures to obtain relevant and reliable audit …
For purposes of the Australian Auditing Standards, the following terms have the meanings attributed below: …
This Auditing Standard deals with the auditor’s use of external confirmation procedures to obtain audit evidence in accordance with the requirements of ASA 330 [1] and ASA 500 [2] . It does not address enquiries regarding litigation and claims, which are …
External confirmation procedures frequently are performed to confirm or request information regarding account balances and their elements. They may also be used to confirm terms of agreements, contracts, or transactions between an entity and other …
Responses to confirmation requests provide more relevant and reliable audit evidence when confirmation requests are sent to a confirming party the auditor believes is knowledgeable about the information to be confirmed. For example, a financial …
The design of a confirmation request may directly affect the confirmation response rate, and the reliability and the nature of the audit evidence obtained from …
Factors to consider when designing confirmation requests include: The assertions being addressed. Specific identified risks of material misstatement, including fraud risks. The layout and presentation of the confirmation request. Prior experience …
A positive external confirmation request asks the confirming party to reply to the auditor in all cases, either by indicating the confirming party’s agreement with the given information, or by asking the confirming party to provide information. A …
Determining that requests are properly addressed includes testing the validity of some or all of the addresses on confirmation requests before they are sent …
The auditor may send an additional confirmation request when a reply to a previous request has not been received within a reasonable time. For example, the auditor may, having re-verified the accuracy of the original address, send an additional or …