164 paragraphs found
The group engagement team’s requirements are often communicated in a letter of instruction. Appendix 5 contains guidance on required and additional matters that may be included in such a letter of instruction. The component auditor’s communication with …
In cooperating with the group engagement team, the component auditor(s), for example, would provide the group engagement team with access to relevant audit documentation if not prohibited by law or …
Where a member of the group engagement team is also a component auditor, the objective for the group engagement team to communicate clearly with the component auditor can often be achieved by means other than specific written communication. For example: …
What parts of the audit documentation of the component auditor will be relevant to the group audit may vary depending on the circumstances. Often the focus is on audit documentation that is relevant to the significant risks of material misstatement of …
If the group engagement team concludes that sufficient appropriate audit evidence on which to base the group audit opinion has not been obtained, the group engagement team may request the component auditor to perform additional procedures. If this is not …
The group engagement partner’s evaluation of the aggregate effect of any misstatements (either identified by the group engagement team or communicated by component auditors) allows the group engagement partner to determine whether the group financial …
ASA 240 contains requirements and guidance on communication of fraud to management and, where management may be involved in the fraud, to those charged with governance. …
Group management may need to keep certain material sensitive information confidential. Examples of matters that may be significant to the financial report of the component of which component management may be unaware include the following: Potential …
The matters the group engagement team communicates to those charged with governance of the group may include those brought to the attention of the group engagement team by component auditors that the group engagement team judges to be significant to the …