Document ID: chunk:federal_register_of_legislation:F2023C01129:reg:11:p10
Version: federal_register_of_legislation:F2023C01129
Segment Type: reg
Provision Reference: reg 11 (pt 10/12)
Character Range: 34287–37423

which areas and to what extent, the work of the function can be used for purposes of the audit.

      * The entity's use of service organisations and how the auditor may obtain evidence concerning the design or operation of controls performed by them.

      * The expected use of audit evidence obtained in previous audits, for example, audit evidence related to risk assessment procedures and tests of controls.

      * The effect of information technology on the audit procedures, including the availability of data and the expected use of computer‑assisted audit techniques.

      * The co‑ordination of the expected coverage and timing of the audit work with any reviews of interim financial information and the effect on the audit of the information obtained during such reviews.

      * The availability of client personnel and data.

Reporting Objectives, Timing of the Audit, and Nature of Communications

      * The entity's timetable for reporting, such as at interim and final stages.

      * The organisation of meetings with management and those charged with governance to discuss the nature, timing and extent of the audit work.

      * The discussion with management and those charged with governance regarding the expected type and timing of reports to be issued and other communications, both written and oral, including the auditor's report, management letters and communications to those charged with governance.

      * The discussion with management regarding the expected communications on the status of audit work throughout the engagement.

      * Communication with component auditors regarding the expected types and timing of communications in connection with the audit work performed for purposes of the group audit.

      * The expected nature and timing of communications among engagement team members, including the nature and timing of team meetings and timing of the review of audit work performed.

      * Whether there are any other expected communications with third parties, including any statutory or contractual reporting responsibilities arising from the audit.

Significant Factors, Preliminary Engagement Activities, and Knowledge Gained on Other Engagements

      * The determination of materiality in accordance with ASA 320[16] and, where applicable:

              + The determination of component performance materiality and communication thereof to component auditors in accordance with ASA 600.[17]

              + The initial expectations about the classes of transactions, account balances and disclosures that may be significant.

      * Preliminary identification of areas where there may be a higher risk of material misstatement.

      * The impact of the assessed risk of material misstatement at the overall financial report level on direction, supervision and review.

      * The manner in which the auditor emphasises to engagement team members the need to maintain a questioning mind and to exercise professional scepticism in gathering and evaluating audit evidence.

      * Results of previous audits that involved evaluating the operating effectiveness of