Document ID: chunk:federal_register_of_legislation:F2023C01119:body:0:p34
Version: federal_register_of_legislation:F2023C01119
Segment Type: other
Provision Reference: 
Character Range: 96832–100195

as set forth in the overall audit strategy and audit plan.

           * Addressing threats to the achievement of quality, and the engagement team's expected response. For example, budget constraints or resource constraints should not result in the engagement team members modifying planned audit procedures or failing to perform planned audit procedures.

Supervision

A86.         Supervision may include matters such as:

           * Tracking the progress of the audit engagement, which includes monitoring:

                   + The progress against the audit plan;

                   + Whether the objective of work performed has been achieved; and

                   + The ongoing adequacy of assigned resources.

           * Taking appropriate action to address issues arising during the engagement, including for example, reassigning planned audit procedures to more experienced engagement team members when issues are more complex than initially anticipated.

           * Identifying matters for consultation or consideration by more experienced engagement team members during the audit engagement.

           * Providing coaching and on-the-job training to help engagement team members develop skills or competencies.

           * Creating an environment where engagement team members raise concerns without fear of reprisals.

Review

A87.         Review of the engagement team's work provides support for the conclusion that the requirements of this ASA have been addressed.

A88.         Review of the engagement team's work consists of consideration of whether, for example:

           * The work has been performed in accordance with the firm's policies or procedures, Australian Auditing Standards and applicable legal and regulatory requirements;

           * Significant matters have been raised for further consideration;

           * Appropriate consultations have taken place and the resulting conclusions have been documented and implemented;

           * There is a need to revise the nature, timing and extent of work performed;

           * The work performed supports the conclusions reached and is appropriately documented;

           * The evidence obtained is sufficient and appropriate to provide a basis for the auditor's opinion; and

           * The objectives of the audit procedures have been achieved.

A89.         The firm's policies or procedures may contain specific requirements regarding:

           * The nature, timing and extent of review of audit documentation;

           * Different types of review that may be appropriate in different situations (e.g., review of each individual working paper or selected working papers); and

           * Which members of the engagement team are required to perform the different types of review.

The Engagement Partner's Review (Ref: Para. 30–34)

A90.         As required by ASA 230, the engagement partner documents the date and extent of the review.[39]

A91.         Timely review of documentation by the engagement partner at appropriate stages throughout the audit engagement enables significant matters to be resolved to the engagement partner's satisfaction on or before the date of the auditor's report. The engagement partner need not review all audit documentation.

A92.         The engagement partner exercises professional judgement in identifying