138 paragraphs found
The auditor may designate an amount below which misstatements need not be aggregated, because the auditor expects that the aggregation of such amounts clearly would not have a material effect on the financial report. In so doing, under paragraph 15 , …
The auditor needs to endeavour to obtain additional representations as are appropriate to matters specific to the entity’s business or industry. An illustrative representation letter is set out in Appendix 1 . (Ref: Para. 24 …
An auditor conducting a review engagement under this auditing standard is not required to comply with ASA 720 [*] , however ASA 720 includes guidance which may be useful. ASA 720 requires the auditor to read the other information that accompanies the …
For a review of a half-year financial report under the Corporations Act 2001 (Act), withholding the issuance of the auditor’s review report and/or withdrawing from the review engagement are not options available under the Act. (Ref: Para. 30 …
While reading the other information for the purpose of identifying material inconsistencies, an apparent material misstatement of fact may come to the auditor’s attention (that is, information, not related to matters appearing in the financial report, …
Communications with management and/or those charged with governance are made as soon as practicable, either orally or in writing. The auditor’s decision whether to communicate orally or in writing ordinarily is affected by factors such as the nature, …
The determination of which level of management may also be informed is affected by the likelihood of collusion or the involvement of a member of management. Refer to ASA 250 for further guidance which may be helpful. (Ref: Para. 31 …
Law or regulation may restrict the auditor’s communication of certain matters with management or those charged with governance. Law or regulation may specifically prohibit a communication, or other action, that might prejudice an investigation by an …
As a result of performing a review of a financial report, the auditor may become aware of matters that in the opinion of the auditor are both important and relevant to those charged with governance in overseeing the financial reporting and disclosure …
Appendix 4 contains illustrations of the auditor’s review reports incorporating the elements in paragraphs 33 to 50 . With the exception of the Conclusion and Basis for Conclusion sections, this Auditing Standard does not establish requirements for …