119 paragraphs found
Professional scepticism is necessary for the critical assessment of audit evidence gathered when performing the risk assessment procedures, and assists the auditor in remaining alert to audit evidence that is not biased towards corroborating the existence …
Audit evidence obtained from performing risk assessment procedures provides the basis for the identification and assessment of the risks of material misstatement. This provides the basis for the auditor’s design of the nature, timing and extent of further …
More detailed documentation, that is sufficient to enable an experienced auditor, having no previous experience with the audit, to understand the nature, timing and extent of the audit procedures performed, may be required to support the rationale for …
The auditor’s previous experience with the entity and from audit procedures performed in previous audits may provide the auditor with information that is relevant to the auditor’s determination of the nature and extent of risk assessment procedures, and …
ASA 500 [21] explains the types of audit procedures that may be performed in obtaining audit evidence from risk assessment procedures and further audit procedures. The nature, timing and extent of the audit procedures may be affected by the fact that some …
When an engagement is carried out by a large engagement team, such as for an audit of a group financial report, it is not always necessary or practical for the discussion to include all members in a single discussion (for example, in a multi-location …
During the audit, new or other information may come to the auditor’s attention that differs significantly from the information on which the risk assessment was based. Example: The entity’s risk assessment may be based on an expectation that certain …
ASA 200 deals with the overall objectives of the auditor in conducting an audit of the financial report, [1] including to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level. [2] Audit risk is a function of the …
The auditor’s risk identification and assessment process is iterative and dynamic. The auditor’s understanding of the entity and its environment, the applicable financial reporting framework, and the entity’s system of internal control are interdependent …
The auditor shall evaluate whether the audit evidence obtained from the risk assessment procedures provides an appropriate basis for the identification and assessment of the risks of material misstatement. If not, the auditor shall perform additional risk …