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ASA 330 - The Auditor’s Procedures in Response to Assessed Risks - April 2006
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Main Features
This Auditing Standard:
(a) requires the auditor to determine overall responses to address the risks of material misstatements at the financial report level;
(b) requires the auditor to design and perform further audit procedures to respond to the assessed risks of material misstatement at the assertion level;
(c) contains mandatory requirements and provides explanatory guidance concerning the nature, timing and extent of further audit procedures;
(d) identifies the circumstances where tests of controls and/or substantive procedures are required;
(e) requires the auditor to perform audit procedures to determine the adequacy of presentation and disclosure;
(f) requires the auditor to evaluate the sufficiency and appropriateness of audit evidence obtained; and
(g) requires the auditor to document certain matters in respect of procedures performed in response to assessed risks.