121 paragraphs found
ASA 315 explains that the auditor’s assessment of the risks of material misstatement at the assertion level may change during the course of the audit as additional audit evidence is obtained. [27] Revision to the auditor’s risk assessment and …
ASA 260 requires the auditor to communicate with those charged with governance the auditor’s views about significant qualitative aspects of the entity’s accounting practices, including accounting policies, accounting estimates and financial statement …
However, users of the financial report have highlighted their interest in accounting estimates that are subject to a high degree of estimation uncertainty (see ASA 540 [29] ) that may have not been determined to be significant risks. Among other things, …
Events or transactions that had a significant effect on the financial report or the audit may be areas of significant auditor attention and may be identified as significant risks. For example, the auditor may have had extensive discussions with …
Significant economic, accounting, regulatory, industry, or other developments that affected management’s assumptions or judgements may also affect the auditor’s overall approach to the audit and result in a matter requiring significant auditor …
Matters that required significant auditor attention also may have resulted in significant interaction with those charged with governance. The nature and extent of communication about such matters with those charged with governance often provides an …
The concept of matters of most significance is applicable in the context of the entity and the audit that was performed. As such, the auditor’s determination and communication of key audit matters is intended to identify matters specific to the audit and …
Other considerations that may be relevant to determining the relative significance of a matter communicated with those charged with governance and whether such a matter is a key audit matter include: The importance of the matter to intended users’ …
Determining which, and how many, of those matters that required significant auditor attention were of most significance in the audit of the financial report of the current period is a matter of professional judgement. The number of key audit matters to …
Placing the separate Key Audit Matters section in close proximity to the auditor’s opinion may give prominence to such information and acknowledge the perceived value of engagement‑specific information to intended …