138 paragraphs found
The auditor needs to use professional judgement and consider qualitative and quantitative factors in determining materiality. …
Ordinarily, the auditor’s consideration of materiality for a review of a financial report is based on the period financial data and accordingly, materiality based on interim period financial data may be less than materiality for annual financial data. If …
The auditor’s consideration of materiality, in evaluating the effects of misstatements, is a matter of professional judgement and is affected by the auditor’s perception of the financial information needs of users of the financial …
If the applicable financial reporting framework contains a definition of materiality, it will ordinarily provide a frame of reference to the auditor when determining materiality for planning and performing the …
The auditor needs, when relevant, to consider materiality from the perspective of both the entity and the consolidated entity. …
A review ordinarily does not require tests of the accounting records through inspection, observation or confirmation. Procedures for performing a review of a financial report ordinarily are limited to making enquiries, primarily of persons responsible …
The auditor ordinarily performs the following procedures: Reading the minutes of the meetings of shareholders, those charged with governance and other appropriate committees to identify matters that may affect the financial report, and enquiring about …
The auditor may perform many of the review procedures before or simultaneously with the entity’s preparation of the financial report. For example, it may be practicable to update the understanding of the entity and its environment, including its internal …
The auditor performing a review of the financial report is also the auditor of the annual financial report of the entity. For convenience and efficiency, the auditor may decide to perform certain audit procedures concurrently with the review of the …
A review of a financial report ordinarily does not require corroborating the enquiries about litigation or claims. It is, therefore, ordinarily not necessary to send an enquiry letter to the entity’s lawyer. Direct communication with the entity’s lawyer …