34 paragraphs found
This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide guidance to auditors on audit implications arising from the application of Accounting Standard AASB 128 Investments in Associates …
This Guidance Statement is issued on 24 November 2009 and replaces AGS 1032 The Audit Implications of Accounting for Investments in Associates which was issued in …
AASB 128 requires an investor to recognise an investment in an associate by applying the equity method in its consolidated financial statements and at cost or in accordance with Accounting Standard AASB 139 Financial Instruments: Recognition and …
This Guidance Statement does not apply to the audit of investments in associates held by venture capital organisations, mutual funds, unit trusts and similar entities including investment-linked insurance funds when they are measured at fair value through …
This Guidance Statement discusses audit implications for auditors who do not have direct access to information from an associate of an investor and which may restrict the auditor’s ability to gather sufficient appropriate audit …
The audit implications and audit responses included in this Guidance Statement may apply to obtaining audit evidence for Joint Ventures that may be equity accounted for under Accounting Standard AASB 131 Interests in Joint Ventures …
For the purpose of this Guidance Statement, the following term has the meaning attributed below: Associate means an entity, including an unincorporated entity such as a partnership, over which the investor has significant influence and that is neither a …
The overall objective of the auditor as described in ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards , is to obtain reasonable assurance about whether the financial report …
To obtain reasonable assurance, the auditor obtains sufficient appropriate audit evidence to reduce audit risk to an acceptably low level and thereby enables the auditor to draw reasonable conclusions on which to base the auditor’s …
The investor’s auditor gathers sufficient appropriate audit evidence to evaluate: representations made by those charged with governance of the investor as to the existence and ownership of the investment, and the existence or otherwise of significant …