75 paragraphs found
The auditor is not allowed to make a general statement in the comfort letter to the effect that “nothing else has come to the auditor’s attention that would be of interest to the requesting parties” because there is no way for the auditor to anticipate …
The effect of any modification needs to be assessed by the auditor based on the nature of the modification and whether and how it relates to any of the financial information that is the subject of the comfort letter. The auditor uses professional …
As the audit terms “presents fairly” or “true and fair” ordinarily relates to presentations of financial statements, the use of the terms by auditors in commenting on other types of information may be misleading and should not be used in the comfort …
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’ …
The auditor shall endeavour to obtain a signed engagement letter from the responsible party of the entity and requesting parties. If the requesting parties do not agree to sign the engagement letter, the auditor shall perform such procedures as in the …
The auditor shall provide an auditor’s statement in the comfort letter regarding subsequent changes in the change period financial information only as of a date less than the date specified in paragraph 10(f) of this ASRS. (Ref: Para. A37 …
By providing a draft comfort letter early in the process, the auditor has the opportunity to clearly show the requesting parties what they may expect to receive from the auditor. The requesting parties therefore also have the opportunity to discuss …
Acceptance by the requesting parties of the draft comfort letter (and subsequently by acceptance of the comfort letter in final form) is an indication to the auditor that the requesting parties consider the procedures described to be sufficient for the …
An appropriate level of knowledge of the accounting and financial reporting practices of the entity may be obtained by the auditor auditing, or reviewing, in accordance with Australian Auditing Standards, historical financial statements of the entity (or, …
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 …