71 paragraphs found
This Auditing Standard deals with the auditor’s responsibility to evaluate the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial report. ASA 700 deals with the auditor’s responsibility, in forming …
See ASA 700 Forming an Opinion and Reporting on a Financial Report , paragraphs 10‑11 . …
The auditor shall accumulate misstatements identified during the audit, other than those that are clearly trivial. (Ref: Para. A2‑A6) …
The auditor shall determine whether the overall audit strategy and audit plan need to be revised if: The nature of identified misstatements and the circumstances of their occurrence indicate that other misstatements may exist that, when aggregated with …
If, at the auditor’s request, management has examined a class of transactions, account balances or disclosures and corrected misstatements that were detected, the auditor shall perform additional audit procedures to determine whether misstatements remain. …
The auditor shall communicate, unless prohibited by law or regulation, on a timely basis all misstatements accumulated during the audit with the appropriate level of management. [3] The auditor shall request management to correct those misstatements. …
If management refuses to correct some or all of the misstatements communicated by the auditor, the auditor shall obtain an understanding of management’s reasons for not making the corrections and shall take that understanding into account when evaluating …
Prior to evaluating the effect of uncorrected misstatements, the auditor shall reassess materiality determined in accordance with ASA 320 to confirm whether it remains appropriate in the context of the entity’s actual financial results. …