Thư viện tài liệu, ebook tham khảo dành cho học sinh, sinh viên

Auditor should obtain letter from solicitors consulted by the client during year to obtain evidence on existence, completeness, valuation and presentation of legal issues identified during audit. All enquiries of legal representatives of clients, and their responses to these enquiries (representations) will be documented in this letter. Exampl...

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An alternative method is to determine sample size by reference to: Table 11.5 (p. 515), for allowable risk of over-reliance (ARO) is 10% (90% confidence). This ARO is common in practice. Table 11.6 (p. 515), for allowable risk of over-reliance is 5% (95% confidence).

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Determined by assessed level of control risk in bank and cash handling procedures. Much of this information will come from evaluations and tests of controls in the sales and cash receipts, purchases and cash payments systems.

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OTHER FACTORS AFFECTING SUFFICIENCY AND APPROPRIATENESS Auditor should also consider: Type and source evidence Timeliness Interrelationship of evidence

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The auditor will be interested in control procedures aimed at ensuring internal control objectives concerning: Authorisation and approval, e.g. control of access Occurrence, e.g. proper use of documents Completeness, e.g. accounting for sequence of pre-printed documents Measurement, e.g. use of control totals Safeguarding, e.g. physical protec...

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Defined: information which if misstated, omitted, or not disclosed separately in a financial report may adversely affect either user decisions or the discharge of accountability by management. (AUS 306.03/ISA 320.03) Auditor uses materiality to: Evaluate presentation of financial data Determine nature, timing and extent of audit procedures

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S trengths - internal aspects that can improve competitive situation Weaknesses - internal aspects, vulnerability to competitors’ strategic moves O pportunities - environmental aspects that can improve entity’s situation relative to competitors T hreats - environmental aspects that can undermine entity’s competitive situation

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Sufficiency — quantity of audit evidence necessary to provide the auditor with a reasonable basis for an opinion on the financial report. Appropriateness — quality of audit evidence. Two dimensions: Relevance — relates to the financial report assertion of interest. Reliability — influenced by its source and nature.

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Was there a sufficient degree of proximity between the auditor and third party? To answer this question, examine whether the statement by the auditor was meant to induce the third party to undertake specific actions: Caparo (1990) AGC (1992) Columbia Coffee (1992) (very wide interpretation, later overturned in Esanda) Esanda (1997) (Full Hi...

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Business community Investors Australian Stock Exchange (ASX) Australian Securities and Investments Commission (ASIC) CPA Australia and ICAA

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