164 paragraphs found
The group engagement partner shall review the overall group audit strategy and group audit plan. (Ref: Para. A22) …
The auditor is required to identify and assess the risks of material misstatement through obtaining an understanding of the entity and its environment, the applicable financial reporting framework and the system of internal control. [7] The group …
The group engagement team shall obtain an understanding that is sufficient to: Confirm or revise its initial identification of components that are likely to be significant; and Assess the risks of material misstatement of the group financial report, …
If the group engagement team plans to request a component auditor to perform work on the financial information of a component, the group engagement team shall obtain an understanding of the following: (Ref: Para. A32‑A35) Whether the component auditor …
If a component auditor does not meet the independence requirements that are relevant to the group audit, or the group engagement team has serious concerns about the other matters listed in paragraph 19(a)‑(c) of this Auditing Standard, the group …
The group engagement team shall determine the following: (Ref: Para. A42) Materiality for the group financial report as a whole when establishing the overall group audit strategy. If, in the specific circumstances of the group, there are particular …
Where component auditors will perform an audit for purposes of the group audit, the group engagement team shall evaluate the appropriateness of performance materiality determined at the component level. …
If a component is subject to audit by statute, regulation or other reason, and the group engagement team decides to use that audit to provide audit evidence for the group audit, the group engagement team shall determine whether: materiality for the …
The auditor is required to design and implement appropriate responses to address the assessed risks of material misstatement of the financial report. [9] The group engagement team shall determine the type of work to be performed by the group engagement …
If the nature, timing and extent of the work to be performed on the consolidation process or the financial information of the components are based on an expectation that group‑wide controls are operating effectively, or if substantive procedures alone …