138 paragraphs found
The auditor may obtain evidence that the financial report agrees or reconciles with the underlying accounting records by tracing the financial report to: the accounting records, such as the general ledger, or a consolidating schedule that agrees or …
The auditor need not perform procedures to identify events occurring after the date of the auditor’s review report. (Ref: Para. 18 …
Events or conditions which may cast significant doubt on the entity’s ability to continue as a going concern may have existed at the date of the annual financial report, or may be identified as a result of enquiries of management or in the course of …
For example, if the auditor’s review procedures lead the auditor to question whether a significant sales transaction is recorded in accordance with the applicable financial reporting framework, the auditor performs additional procedures sufficient to …
When comparative information is included in the first financial report and the auditor is unable to obtain sufficient appropriate review evidence to achieve the review objective, a limitation on the scope of the review exists and the auditor needs to …
When comparative information is included in the first financial report and the auditor believes a material adjustment should be made to the financial report, under paragraph 39 , the auditor needs to modify the auditor’s review …
When an entity has come into existence only within the first financial reporting period, comparative information will not be provided in the first financial report and no modified auditor’s review report is …
Accounting Standard AASB 101 Presentation of Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting …
A review of a financial report, in contrast to an audit engagement, is not designed to obtain reasonable assurance that the financial report is free from material misstatement. However, misstatements which come to the auditor’s attention, including …
The auditor needs to exercise professional judgement in evaluating the materiality of any misstatements that the entity has not corrected. Ordinarily, the auditor considers matters such as the nature, cause and amount of the misstatements, whether the …