158 paragraphs found
Procedures may include: (Ref: Para. 43 ) reading minutes during the change period and discussing with those charged with governance those meetings for which minutes have not been approved; reading the unaudited or unreviewed financial information for the …
In determining whether to accept the comfort letter engagement, the auditor ordinarily considers whether the length of the cut-off period proposed by the requesting parties for the change period financial information is appropriate, having regard to …
In commenting on subsequent changes, the auditor may use terms such as ‘change’, ‘increase’, or ‘decrease’. Terms such as ‘adverse’ are not clearly understood and may cause the comments on subsequent changes to be ambiguous and hence are not used. (Ref: …
An example of a change in the financial reporting framework may be as a result of the entity changing the selection or application of accounting policies applied to the change period financial information. (Ref: Para. 48 …
The comparison for the change period relates to the entire period and not to portions of that period. A decrease during one part of the period may be offset by an equal or larger increase in another part of the period; however, because no decrease for …
Dates as of which, and periods for which, data at the cut-off date and data for the change period are to be compared are to be agreed in the engagement letter. For balance sheet items, the comparison date is normally that of the latest balance sheet …
The purpose of identifying the date and period used for comparison is to avoid misunderstandings about the matters being compared, and so that the requesting parties can determine whether the comparison period is suitable for the requesting parties’ …
Requesting parties occasionally request that the change period begins immediately after the date of the latest audited balance sheet (which is, ordinarily also the closing date of the latest audited statement of comprehensive income) in the offering …
The auditor ordinarily requests to receive a written representation letter from the responsible party of the entity at the completion of the engagement. [7] The auditor ordinarily provides the responsible party of the entity with a specific list of …