367 paragraphs found
Inspection involves examining records, documents or reports, whether internal or external, in paper form, electronic form, or other media. Inspection of records, documents and reports provides evidence of varying degrees of reliability, depending on …
Observation and inspection may support enquiries of management and others, and may also provide information about the entity and its environment. Examples of such procedures include observation or inspection of the following: The entity’s operations. …
The assurance practitioner uses professional judgement to determine the extent of the understanding required and of the nature, timing and extent of procedures required to identify and assess risks of material misstatement appropriate to the level of …
Relevant industry factors include industry conditions such as the competitive environment, supplier and customer relationships, and technological developments. Examples of matters the assurance practitioner may consider include: (Ref: Para. 37(d) ) The …
Relevant legal and regulatory factors encompass, among other matters, the applicable financial reporting framework in accordance with which the entity or, if applicable, the acquiree prepares its periodic financial information, and the legal and political …
Examples of other external factors affecting the entity and, if applicable, the acquiree or divestee that the assurance practitioner may consider include the general economic conditions, interest rates and availability of financing. (Ref: Para. 37(d) …
The assurance practitioner ordinarily has no responsibility to perform an assessment of the appropriateness, or otherwise, of the chosen stated basis of preparation. The stated basis of preparation chosen by the responsible party is ordinarily …
Assertions are ordinarily used by the assurance practitioner in a reasonable assurance engagement, and may be used in a limited assurance engagement, to consider the different types of potential misstatements within the financial information that may …
See ASA 315, paragraphs A110‑A112 , for helpful guidance on the use of the assertions. …
In representing that the financial information is in accordance with the stated basis of preparation, the responsible party implicitly or explicitly makes assertions regarding the quantification and presentation and disclosure of the financial …