ASRE 2410 - Review of an Interim Financial Report Performed by the Independent Auditor of the Entity - April 2006
General Principles of a Review of an IntGeneral Principles of a Review of an Interim Financial Report
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General Principles of a Review of an Interim Financial Report
8 The auditor shall comply with the ethical requirements relevant to the audit of the annual financial report of the entity.
9 These relevant ethical requirements[2] govern the auditor’s professional responsibilities in the following areas: independence, integrity, objectivity, professional competence and due care, confidentiality, professional behaviour, and technical standards.
10 The auditor shall implement quality control procedures that are applicable to the individual engagement.
11 The elements of quality control that are relevant to an individual engagement include leadership responsibilities for quality on the engagement, ethical requirements, acceptance and continuance of client relationships and specific engagements, assignment of engagement teams, engagement performance, and monitoring.[3]
12 The auditor shall plan and perform the review by exercising professional judgement and with an attitude of professional scepticism, recognising that circumstances may exist that cause the interim financial report to require a material adjustment for it to be prepared, in all material respects, in accordance with the applicable financial reporting framework.
13 An attitude of professional scepticism means that the auditor makes a critical assessment, with a questioning mind, of the validity of evidence obtained and is alert to evidence that contradicts or brings into question the reliability of documents or representations by management of the entity.