37 paragraphs found
The auditor may conclude from the evaluation in paragraph 8(b) that it would be appropriate to revise the assessment of the risks of material misstatement at the assertion level and modify planned audit procedures in accordance with ASA 315. [14] For …
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 …
ASA 500 indicates that even when audit evidence is obtained from sources external to the entity, circumstances may exist that affect its reliability. [16] All responses carry some risk of interception, alteration or fraud. Such risk exists regardless of …
The auditor is required by ASA 500 to determine whether to modify or add procedures to resolve doubts over the reliability of information to be used as audit evidence. [17] The auditor may choose to verify the source and contents of a response to a …
See ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report , paragraphA37 . …
The failure to receive a response to a negative confirmation request does not explicitly indicate receipt by the intended confirming party of the confirmation request or verification of the accuracy of the information contained in the request. …
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 …