April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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12AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
- Scope
- Definitions of Terms
- Objective of AU-C Section 330
- Overview
- Requirements
- Overall Responses
- Designing Further Audit Procedures
- Tests of Controls
- Substantive Procedures
- Evaluating the Sufficiency and Appropriateness of the Audit Evidence Obtained
- Documentation
- Testing at Interim Dates
- Misstatements Detected at Interim Dates
- Designing Audit Procedures
- Tests of Internal Control Operating Effectiveness
- Types of Tests
SCOPE
AU-C 330 offers guidance to auditors when designing and implementing responses to risks of material misstatements identified under AU-C 315. AU-C 700 and AU-C 703 address the auditor’s responsibility to form an opinion on the financial statements based on the evaluation of audit evidence. (AU-C 330.01)
DEFINITIONS OF TERMS
Source: AU-C 330.04. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Substantive procedure, Test of controls.
OBJECTIVE OF AU-C SECTION 330
The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement through designing and implementing appropriate responses to those risks. (AU-C Section 330.03)
OVERVIEW
AU-C 330 and 315 are the centerpiece of the risk assessment standards. Together, these two sections provide detailed guidance on how to apply the audit risk model described in Section 320. That model describes ...
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