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Jun 15, 2024 · SA 330 outlines auditors' responsibilities in designing and implementing responses to assessed risks of material misstatement. It emphasizes the importance of obtaining sufficient appropriate audit evidence related to risks and implementing suitable responses.
3 SA 330 Introduction Scope of this SA 1. This Standard on Auditing (S A) deals with the auditor’s responsibility to design and implement responses to the risks of material misstatement identified and assessed by the auditor in accordance with SA 315, “Identifying and
SA 315, Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment ; SA 320, Materiality in Planning and Performing an Audit ; SA 330, The Auditor’s Responses to Assessed Risks ; SA 402, Audit Considerations Relating to an Entity Using a Service Organisation
Important Announcement - Standards on Auditing (SAs) - (13-10-2009) The following list contains the details of the Standards on Auditing (SAs). For the purpose of November, 2009 examinations the students are advised to refer to the Standards on Auditing (SAs).
Scope of this SA 1. This Standard on Auditing (S A) deals with the auditor’s responsibilities regarding accounting estimates, including fair value accounting estimates, and related disclosures in an audit of financial statements. Specifically, it expands on how SA 3153 and SA 3304 and other relevant SAs are to be applied in relation to
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SA 330 – The Auditor’s Responses to Assessed Risks. By Bhavesh Dhupelia. Shabbir Readymadewala. Chartered Accountants. Reading Time 8 mins. While planning an audit of financial statements, the auditor identifies risks of material misstatement both at the financial statement level and at the assertion level.
The main objective of ISA 330 is to give guidance on how auditors should obtain sufficient appropriate evidence regarding the assessed risks of material misstatement by designing and implementing appropriate responses to those risks.
May 20, 2023 · The SA 330 provides definitions of two types of audit procedures: substantive procedures and tests of controls. Substantive procedures are designed to detect material misstatements at the assertion level, which can be achieved by performing tests of details or substantive analytical procedures.
* SA 315 & SA 330 – become effective in April, 2008. The Standard on Auditing (SA) 400, “Risk Assessments and Internal Control”, SA 310 , “Knowledge of the Business”, and SA 401, “Auditing in a Computer Information Systems Environment”, issued in June 2002, April 2000 and January 2003, respectively, would stand withdrawn.
