119 paragraphs found
Categories of assertions are used by auditors to consider the different types of potential misstatements that may occur when identifying, assessing and responding to the risks of material misstatement. Examples of these categories of assertions are …
ASA 200 states that some ASAs include scalability considerations which illustrate the application of the requirements to all entities regardless of whether their nature and circumstances are less complex or more complex. [10] This ASA is intended for …
Matters that may be relevant for the auditor to consider in obtaining an understanding of the governance of the entity include: Whether any or all of those charged with governance are involved in managing the entity. The existence (and separation) of a …
External parties may also review and analyse the entity’s financial performance, in particular for entities where financial information is publicly available. The auditor may also consider publicly available information to help the auditor further …
Audit procedures to address classes of transactions, account balances or disclosures that are material but are not determined to be significant are addressed in ASA 330. [65] When a class of transactions, account balance or disclosure is determined to be …
Understanding the risks arising from the use of IT and the general IT controls implemented by the entity to address those risks may affect: The auditor’s decision about whether to test the operating effectiveness of controls to address risks of material …
The controls that the auditor is required to identify and evaluate the design, and determine the implementation of, in accordance with paragraph 26 are those: Controls which the auditor plans to test the operating effectiveness of in determining the …
ASA 330 requires the auditor to design and implement overall responses to address the assessed risks of material misstatement at the financial report level. [8] ASA 330 further explains that the auditor’s assessment of the risks of material misstatement …
Where policies or procedures are not documented, or the entity has less formalised controls, the auditor may still be able to obtain some audit evidence to support the identification and assessment of the risks of material misstatement through observation …