81 paragraphs found
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 …
In designing and performing tests of controls, the auditor shall: Perform other audit procedures in combination with enquiry to obtain audit evidence about the operating effectiveness of the controls, including: How the controls were applied at relevant …
The auditor shall include in the audit documentation: [2] The overall responses to address the assessed risks of material misstatement at the financial report level, and the nature, timing, and extent of the further audit procedures performed; The …
The auditor shall conclude whether sufficient appropriate audit evidence has been obtained. In forming an opinion, the auditor shall consider all relevant audit evidence, regardless of whether it appears to corroborate or to contradict the assertions in …
Further, although some risk assessment procedures may not have been specifically designed as tests of controls, they may nevertheless provide audit evidence about the operating effectiveness of the controls and, consequently, serve as tests of controls. …
Depending on the circumstances, the auditor may determine that: Performing only substantive analytical procedures will be sufficient to reduce audit risk to an acceptably low level. For example, where the auditor’s assessment of risk is supported by …
The auditor’s assessed risks may affect both the types of audit procedures to be performed and their combination. For example, when an assessed risk is high, the auditor may confirm the completeness of the terms of a contract with the counterparty, in …
… For the purposes of this Auditing Standard, the following terms have the meanings …
Extent of an audit procedure refers to the quantity to be performed, for example, a sample size or the number of observations of a control …
The auditor’s decision on whether to rely on audit evidence obtained in previous audits for controls that: have not changed since they were last tested; and are not controls that mitigate a significant risk, is a matter of professional judgement. In …