89 paragraphs found
In accordance with paragraph 6(a), the auditor is required to determine whether the financial reporting framework, to be applied in the preparation of the financial report, is acceptable. In some jurisdictions, law or regulation may prescribe the …
When an entity is registered or operating in a jurisdiction that does not have an authorised or recognised standards setting organisation, or where use of the financial reporting framework is not prescribed by law or regulation, management identifies a …
An audit in accordance with Australian Auditing Standards is conducted on the premise that management has acknowledged and understands that it has the responsibilities set out in paragraph 6(b). [11] In certain jurisdictions, such responsibilities may …
The way in which the responsibilities for financial reporting are divided between management and those charged with governance will vary according to the resources and structure of the entity and any relevant law or regulation, and the respective roles of …
ASA 580 requires the auditor to request management to provide written representations that it has fulfilled certain of its responsibilities. [12] It may therefore be appropriate to make management aware that receipt of such written representations will …
Where management will not acknowledge its responsibilities, or agree to provide the written representations, the auditor will be unable to obtain sufficient appropriate audit evidence. [13] In such circumstances, it would not be appropriate for the …
Most financial reporting frameworks include requirements relating to the presentation of the financial report; for such frameworks, preparation of the financial report in accordance with the financial reporting framework includes presentation. In the …
Management maintains such internal control as it determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. Internal control, no matter how effective, can provide an …
An independent audit conducted in accordance with the Australian Auditing Standards does not act as a substitute for the maintenance of internal control necessary for the preparation of the financial report by management. Accordingly, the auditor is …
It is for management to determine what internal control is necessary to enable the preparation of the financial report. The term “internal control” encompasses a wide range of activities within components of the system of internal control that may be …