71 paragraphs found
The cumulative effect of immaterial uncorrected misstatements related to prior periods may have a material effect on the current period’s financial report. There are different acceptable approaches to the auditor’s evaluation of such uncorrected …
In the case of an audit of a public sector entity, the evaluation whether a misstatement is material may also be affected by the auditor’s responsibilities established by law, regulation or other authority to report specific matters, including, for …
Furthermore, issues such as public interest, accountability, probity and ensuring effective legislative oversight, in particular, may affect the assessment whether an item is material by virtue of its nature. This is particularly so for items that relate …
If uncorrected misstatements have been communicated with person(s) with management responsibilities, and those person(s) also have governance responsibilities, they need not be communicated again with those same person(s) in their governance role. The …
Where there is a large number of individual immaterial uncorrected misstatements, the auditor may communicate the number and overall monetary effect of the uncorrected misstatements, rather than the details of each individual uncorrected …
ASA 260 requires the auditor to communicate with those charged with governance the written representations the auditor is requesting (see paragraph 14 ). [19] The auditor may discuss with those charged with governance the reasons for, and the …
For example, AASB 7 Financial Instruments: Disclosures , paragraph 42H states that “an entity shall disclose any additional information that it considers necessary to meet the disclosure objectives in …
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular …
See ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report , paragraphs A1‑A6 . …