Whether sufficient appropriate audit evidence has been obtained to reduce audit risk to an acceptable low level, and thereby enable the auditor to draw reasonable conclusion on which to base the auditor’s opinion, is a matter of ________.
Professional Judgement is the application of relevant training, knowledge and experience within the context provided by auditing, accounting and ethical standards in making informed decisions about the courses of action that are appropriate in the circumstances of the audit engagement. It is required with respect to Materiality and audit risk, nature, timing and extent (NTE) of audit procedures, evaluating sufficiency & appropriateness of audit procedures, evaluating management judgement in applying applicable FRF and drawing conclusions based on audit evidence As per the SA 200, the other key requirements of an Independent Auditor include: · Ethical requirements – comply with relevant ethical requirements and it includes adhering to independence with respect to audit engagements. code of ethics are issued by ICAI. Examples – integrity, objectivity, professional competence and due care, confidentiality, professional behaviour · Professional Skepticism – attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud and a critical assessment of audit evidence. Alertness is required with respect to Contradictory audit evidence, reliability of documents, conditions indicating possible fraud, circumstances requiring audit procedures in addition to those suggested in SAs. · Sufficient Appropriate Audit Evidence and Audit Risk - Sufficiency refers to quantum and appropriateness refers to quality. Purpose is to reduce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion.
The RBI took a policy decision in 1997 to ……….. and …………… a ratio of internal reserves to assets...
(i) The Chief Minister is the leader of the party that commands a __________ in the House.
(ii) As neither party has won the __________, a coalit...
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People say chess is a ….. game because only two can play it.
Now, the former event manager, who _____________ to be the tallest man in India, is making his political debut with the X Party and hopes to help it com...
What's more, the dominant demoiselle seemed to ________________ her power, chasing her underlings and pinning them into corners of the aquarium.
...Phil's achievements in the field of instrumental and classical crossover have brought him a legion of fans and sustained critical ______________. ...
India Inc.’s earnings performance ___________ the second quarter of the financial year has turned _______ to be largely in line with street expect...
The journalists have _________ that spying has caused serious _________ on the rights to free speech and privacy.
Located 140 km away from Srinagar, Drass valley in Kargil District is often described as the “Gateway to Ladakh.”
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She_______her daughter to school before she goes to work.