119 paragraphs found
The discussion among the engagement team about the application of the applicable financial reporting framework and the susceptibility of the entity’s financial report to material misstatement: Provides an opportunity for more experienced engagement team …
The auditor shall design and perform risk assessment procedures to obtain audit evidence that provides an appropriate basis for: (Ref: Para. A11–A18) The identification and assessment of risks of material misstatement, whether due to fraud or error, at …
If the auditor plans to test the operating effectiveness of controls, it may be necessary to test a combination of controls to confirm the auditor’s expectation that the controls are operating effectively. The auditor may plan to test both direct and …
ASA 610 and Appendix 4 of this ASA provides further guidance related to internal audit. …
… For the purposes of this Auditing Standard, the following terms have the meanings …
The auditor is required to identify specific controls in the control activities component, and evaluate the design and determine whether the controls have been implemented, as it assists the auditor’s understanding about management’s approach to …
When the auditor does not plan to test the operating effectiveness of identified controls, the auditor’s understanding may still assist in the design of the nature, timing and extent of substantive audit procedures that are responsive to the related risks …
For recurring audits, certain documentation may be carried forward, updated as necessary to reflect changes in the entity’s business or …
The auditor determines whether there are any risks of material misstatement at the assertion level for which it is not possible to obtain sufficient appropriate audit evidence through substantive procedures alone. The auditor is required, in accordance …
Designing and performing risk assessment procedures to obtain audit evidence in an unbiased manner may involve obtaining evidence from multiple sources within and outside the entity. However, the auditor is not required to perform an exhaustive search to …