Document ID: chunk:federal_register_of_legislation:F2021C01250:reg:27:p6
Version: federal_register_of_legislation:F2021C01250
Segment Type: reg
Provision Reference: reg 27 (pt 6/23)
Character Range: 24297–27517

of controls for the intervening period; or

(b)                if the auditor determines that it is sufficient, further substantive procedures only,

    that provide a reasonable basis for extending the audit conclusions from the interim date to the period end. (Ref: Para. A56-A59)

23.               If misstatements that the auditor did not expect when assessing the risks of material misstatement are detected at an interim date, the auditor shall evaluate whether the related assessment of risk and the planned nature, timing, or extent of substantive procedures covering the remaining period need to be modified. (Ref: Para. A60)

Adequacy of Presentation Disclosure of the Financial Report

24.               The auditor shall perform audit procedures to evaluate whether the overall presentation of the financial report, is in accordance with the applicable financial reporting framework. In making this evaluation, the auditor shall consider whether the financial report is presented in a manner that reflects the appropriate:

           * Classification and description of financial information and the underlying transactions, events and conditions; and

           * Presentation, structure and content of the financial report. (Ref: Para. A61)

Evaluating the Sufficiency and Appropriateness of Audit Evidence

25.               Based on the audit procedures performed and the audit evidence obtained, the auditor shall evaluate before the conclusion of the audit whether the assessments of the risks of material misstatement at the assertion level remain appropriate. (Ref: Para. A62-A63)

26.               The auditor shall conclude whether sufficient appropriate audit evidence has been obtained.  In forming an opinion, the auditor shall consider all relevant audit evidence, regardless of whether it appears to corroborate or to contradict the assertions in the financial report.
(Ref: Para. A64)

27.               If the auditor has not obtained sufficient appropriate audit evidence related to a relevant assertion about a class of transactions, account balance or disclosure, the auditor shall attempt to obtain further audit evidence.  If the auditor is unable to obtain sufficient appropriate audit evidence, the auditor shall express a qualified opinion or disclaim an opinion on the financial report.

Documentation

28.               The auditor shall include in the audit documentation:[2]

(a)                The overall responses to address the assessed risks of material misstatement at the financial report level, and the nature, timing, and extent of the further audit procedures performed;

(b)                The linkage of those procedures with the assessed risks at the assertion level; and

(c)                The results of the audit procedures, including the conclusions where these are not otherwise clear. (Ref: Para. A65)

29.               If the auditor plans to use audit evidence about the operating effectiveness of controls obtained in previous audits, the auditor shall include in the audit documentation the conclusions reached about relying on such controls that were tested in a previous audit.

30.               The auditor's documentation shall demonstrate that