72 paragraphs found
A refusal by management to allow the auditor to send a confirmation request is a limitation on the audit evidence the auditor may wish to obtain. The auditor is therefore required to enquire as to the reasons for the limitation. A common reason advanced …
If the auditor determines that a response to a confirmation request is not reliable, the auditor shall evaluate the implications on the assessment of the relevant risks of material misstatement, including the risk of fraud, and on the related nature, …
In the case of each non-response, the auditor shall perform alternative audit procedures to obtain relevant and reliable audit evidence. …
If the auditor has determined that a response to a positive confirmation request is necessary to obtain sufficient appropriate audit evidence, alternative audit procedures will not provide the audit evidence the auditor requires. If the auditor does not …
The auditor shall investigate exceptions to determine whether or not they are indicative of misstatements. (Ref: Para. A21-A22) …
Negative confirmations provide less persuasive audit evidence than positive confirmations. Accordingly, the auditor shall not use negative confirmation requests as the sole substantive audit procedure to address an assessed risk of material misstatement …
The auditor shall evaluate whether the results of the external confirmation procedures provide relevant and reliable audit evidence, or whether further audit evidence is necessary. …
ASA 500 indicates that the reliability of audit evidence is influenced by its source and by its nature, and is dependent on the individual circumstances under which it is obtained. [4] That Auditing Standard also includes the following generalisations …
Other Auditing Standards recognise the importance of external confirmations as audit evidence, for example: ASA 330 discusses the auditor’s responsibility to design and implement overall responses to address the assessed risks of material misstatement at …