81 paragraphs found
The auditor shall design and perform tests of controls to obtain sufficient appropriate audit evidence as to the operating effectiveness of relevant controls if: The auditor’s assessment of risks of material misstatement at the assertion level includes …
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 …
Further relevant factors that influence the auditor’s consideration of when to perform audit procedures include the following: The control environment. When relevant information is available (for example, electronic files may subsequently be …
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 …
Testing the operating effectiveness of controls is different from obtaining an understanding of and evaluating the design and implementation of controls. However, the same types of audit procedures are used. The auditor may, therefore, decide it is …
Enquiry alone is not sufficient to test the operating effectiveness of controls. Accordingly, other audit procedures are performed in combination with enquiry. In this regard, enquiry combined with inspection or re-performance may provide more assurance …
The auditor shall consider whether external confirmation procedures are to be performed as substantive audit procedures. (Ref: Para. A48-A51) …
Substantive analytical procedures are generally more applicable to large volumes of transactions that tend to be predictable over time. ASA 520 [5] establishes requirements and provides guidance on the application of analytical procedures during an …
The auditor may determine that external confirmation procedures performed for one purpose provide an opportunity to obtain audit evidence about other matters. For example, confirmation requests for bank balances often include requests for information …
The auditor shall design and perform further audit procedures whose nature, timing, and extent are based on and are responsive to the assessed risks of material misstatement at the assertion level. …