94 paragraphs found
The auditor shall obtain an understanding of the major activities that the entity uses to monitor internal control relevant to financial reporting, including those related to those control activities relevant to the audit, and how the entity initiates …
… error and those due to fraud, and both are covered by this Auditing Standard. However, the significance of fraud is …
See ASA 250 Consideration of Laws and Regulations in the Audit of a Financial Report , paragraph 12 . …
Relevant audit evidence may be obtained through a combination of enquiries and other risk assessment procedures such as corroborating enquiries through observation or inspection of documents. For example, through enquiries of management and employees, the …
When making assertions about the financial report of public sector entities, in addition to those assertions set out in paragraph A128 , management or those charged with governance may often assert that transactions and events have been carried out in …
See ASA 320 Materiality in Planning and Performing an Audit , paragraph A1 . …
If the entity has an internal audit function, obtaining an understanding of that function contributes to the auditor’s understanding of the entity and its environment, including internal control, in particular the role that the function plays in the …
As is further discussed in ASA 610 , the activities of an internal audit function are distinct from other monitoring controls that may be relevant to financial reporting, such as reviews of management accounting information that are designed to contribute …
As explained in ASA 320, [18] materiality and audit risk are considered when identifying and assessing the risks of material misstatement in classes of transactions, account balances and disclosures. The auditor’s determination of materiality is a matter …