24 paragraphs found
… This Auditing Standard also applies, as appropriate, to an audit …
… This Auditing Standard applies to: an audit of a financial report …
When litigation and claims matters, which may have a material effect on the financial report, are discovered, which were not previously identified by management, the auditor would ordinarily inform management and request management to address further …
Audit procedures that are undertaken for different purposes might also identify litigation and claims. Such procedures include: examining contracts, loan agreements, leases, insurance policies and claims, and other correspondence; reading minutes of …
… This Auditing Standard deals with specific considerations by the … with ASA 330, [1] ASA 500 [2] and other relevant Australian Auditing Standards, with respect to litigation and claims …
Audit evidence obtained for purposes of identifying litigation and claims that may give rise to a risk of material misstatement also may provide audit evidence regarding other relevant considerations, such as valuation or measurement, regarding litigation …
In accordance with ASA 700, † the auditor is required to date the auditor’s report no earlier than the date on which the auditor has obtained sufficient appropriate audit evidence on which to base the auditor’s opinion on the financial report. Audit …
… in addition to the procedures required by other Australian Auditing Standards, seek direct communication with the …
Direct communication with the entity’s external legal counsel assists the auditor in obtaining sufficient appropriate audit evidence as to whether potentially material litigation and claims are known and management’s estimates of the financial …