105 paragraphs found
For the audits of public sector entities, the audit mandate and any other special auditing requirements may affect the auditor’s consideration of the nature, timing and extent of further audit …
In the case of smaller entities, there may not be many control activities that could be identified by the auditor, or the extent to which their existence or operation have been documented by the entity may be limited. In such cases, it may be more …
When obtaining more persuasive audit evidence because of a higher assessment of risk, the auditor may increase the quantity of the evidence, or obtain evidence that is more relevant or reliable, for example, by placing more emphasis on obtaining third …
Tests of controls are performed only on those controls that the auditor has determined are suitably designed to prevent, or detect and correct, a material misstatement in an assertion. If substantially different controls were used at different times …
Substantive procedure means an audit procedure designed to detect material misstatements at the assertion level. Substantive procedures comprise: Tests of details (of classes of transactions, account balances, and disclosures); and Substantive analytical …
Test of controls means an audit procedure designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion …
Overall responses to address the assessed risks of material misstatement at the financial report level may include: Emphasising to the audit team the need to maintain professional scepticism. Assigning more experienced staff or those with special skills …
Evaluating the appropriate presentation, arrangement and content of the financial report, includes, for example, consideration of the terminology used as required by the applicable financial reporting framework, the level of detail provided, and the basis …
An audit of a financial report is a cumulative and iterative process. As the auditor performs planned audit procedures, the audit evidence obtained may cause the auditor to modify the nature, timing or extent of other planned audit procedures. …
The form and extent of audit documentation is a matter of professional judgement, and is influenced by the nature, size and complexity of the entity and its internal control, availability of information from the entity and the audit methodology and …