81 paragraphs found
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 …
Because of the inherent consistency of IT processing, audit evidence about the implementation of an automated application control, when considered in combination with audit evidence about the operating effectiveness of the entity’s general controls (in …
If the auditor has not obtained sufficient appropriate audit evidence as to a material financial report assertion, the auditor shall attempt to obtain further audit evidence. If the auditor is unable to obtain sufficient appropriate audit evidence, the …
Although external confirmations may provide relevant audit evidence relating to certain assertions, there are some assertions for which external confirmations provide less relevant audit evidence. For example, external confirmations provide less relevant …
… This Auditing Standard also applies, as appropriate, to an audit …
Timing of an audit procedure refers to when it is performed, or the period or date to which the audit evidence applies. …
The auditor’s judgement as to what constitutes sufficient appropriate audit evidence is influenced by such factors as the following: Significance of the potential misstatement in the assertion and the likelihood of its having a material effect, …
The extent of an audit procedure judged necessary is determined after considering the materiality, the assessed risk, and the degree of assurance the auditor plans to obtain. When a single purpose is met by a combination of procedures, the extent of each …
The assessment of the risks of material misstatement at the financial report level, and thereby the auditor’s overall responses, is affected by the auditor’s understanding of the control environment. An effective control environment may allow the auditor …
The nature of the particular control influences the type of procedure required to obtain audit evidence about whether the control was operating effectively. For example, if operating effectiveness is evidenced by documentation, the auditor may decide to …