Definition of consolidating financial statements looking dating foreign men
The auditor should focus more of his or her attention on the areas of highest risk.
On the other hand, it is not necessary to test controls that, even if deficient, would not present a reasonable possibility of material misstatement to the financial statements.
.12 The complexity of the organization, business unit, or process, will play an important role in the auditor's risk assessment and the determination of the necessary procedures.
Note: For purposes of using the work of others, competence means the attainment and maintenance of a level of understanding and knowledge that enables that person to perform ably the tasks assigned to them, and objectivity means the ability to perform those tasks impartially and with intellectual honesty.
The higher the degree of competence and objectivity, the greater use the auditor may make of the work.
The auditor should apply AS 2605.09 through .11 to assess the competence and objectivity of internal auditors.
To assess competence, the auditor should evaluate factors about the person's qualifications and ability to perform the work the auditor plans to use.
To assess objectivity, the auditor should evaluate whether factors are present that either inhibit or promote a person's ability to perform with the necessary degree of objectivity the work the auditor plans to use.