81 paragraphs found
Additional audit evidence may be obtained, for example, by extending tests of controls over the remaining period or testing the entity’s monitoring of …
… Paragraph 21 of this Auditing Standard requires the auditor to perform …
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 …
The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement, through designing and implementing appropriate responses to those …
In determining whether it is appropriate to use audit evidence about the operating effectiveness of controls obtained in previous audits, and, if so, the length of the time period that may elapse before retesting a control, the auditor shall consider the …
In general, the higher the risk of material misstatement, or the greater the reliance on controls, the shorter the time period elapsed, if any, is likely to be. Factors that may decrease the period for retesting a control, or result in not relying on …
The reasons for the assessment given to a risk are relevant in determining the nature of audit procedures. For example, if an assessed risk is lower because of the particular characteristics of a class of transactions without consideration of the related …
In designing the further audit procedures to be performed, the auditor shall: Consider the reasons for the assessment given to the risk of material misstatement at the assertion level for each class of transactions, account balance, and disclosure, …
A higher level of assurance may be sought about the operating effectiveness of controls when the approach adopted consists primarily of tests of controls, in particular where it is not possible or practicable to obtain sufficient appropriate audit …
Relevant factors in determining what additional audit evidence to obtain about controls that were operating during the period remaining after an interim period, include: The significance of the assessed risks of material misstatement at the assertion …