367 paragraphs found
External confirmation procedures may provide relevant evidence about such information as terms of agreements, contracts, or transactions between the entity and other parties, related to the financial information that is the subject of the …
Analytical procedures may be particularly effective when disaggregated data is readily available, or when the assurance practitioner has reason to consider the data to be used is reliable, such as when it is extracted from a well‑controlled source. In …
In some cases, it may be appropriate for the assurance practitioner to evaluate how the responsible party has considered alternative assumptions or outcomes in determining the accounting estimates, and why it has rejected them. (Ref: Para. 52(g) …
Sampling [81] involves: Determining a sample size sufficient to reduce sampling risk to an acceptably low level. Because the acceptable level of assurance engagement risk is lower for a reasonable assurance engagement than for a limited assurance …
See ASA 530 Audit Sampling , which describes audit sampling techniques, and may be useful to assurance practitioners when performing an assurance engagement involving …
Other procedures may include, for example: reviewing key contracts relevant to the financial information; reconciling key recorded accounts and balances to supporting documentation; and re‑performing key calculations such as accounting estimates and …
Examples of additional procedures are making further enquiries of the responsible party, or requesting further supporting documentation to ascertain whether the financial information is materially misstated. If however, having performed additional …
The assurance practitioner may designate an amount below which misstatements [82] would be clearly trivial and would not need to be accumulated because the assurance practitioner expects that the accumulation of such amounts clearly would not have a …
The concepts and discussions on evaluating misstatements in an audit engagement are contained in ASA 450 Evaluation of Misstatements Identified during the Audit ; paragraph A2 , which may be useful to assurance practitioners when evaluating misstatements …
The assurance practitioner may communicate such matters verbally or in writing, as soon as the event(s), condition(s), transaction(s) or error(s) is (are) identified, to enable the responsible party to investigate the matter(s). The responsible party is …