51 paragraphs found
In many large entities, the internal audit function may perform work that enables senior management and those charged with governance to review and evaluate the entity’s controls relating to the use of financial instruments. The internal audit function …
… The following Australian Auditing Standards are particularly relevant to audits of … [1] deals with the auditor’s responsibilities relating to auditing accounting estimates, including accounting …
… When such a person’s expertise is in auditing and accounting, regardless of whether the person is … a person’s expertise is in a field other than accounting or auditing, such person is considered to be an auditor’s … distinguishing between specialised areas of accounting or auditing, and expertise in another field, will be a matter …
… This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide …
[11] Professional scepticism is necessary to the critical assessment of audit evidence and assists the auditor in remaining alert for possible indications of management bias. This includes questioning contradictory audit evidence and the reliability of …
[12] The auditor’s focus in planning the audit is particularly on: Understanding the accounting and disclosure requirements; Understanding the financial instruments to which the entity is exposed, and their purpose and risks; Determining whether …
The prudential supervisor in Australia for financial institutions is the Australian Prudential Regulation Authority (APRA). Prudential standards issued by APRA cover communications between the auditor and APRA. See, for example, APS 310 Audit and …
After assessing the risks associated with financial instruments, the engagement team determines the timing of planned tests of controls and substantive audit procedures. The timing of planned audit procedures varies depending on a number of factors, …
… An audit in accordance with Australian Auditing Standards is conducted on the premise that …
Whether management has used a third-party pricing source, or is undertaking its own valuation, models are often used to value financial instruments, particularly when using inputs at levels 2 and 3 of the fair value hierarchy. In determining the nature, …