TAILIEUCHUNG - EMERGING PRACTICE ISSUES REGARDING ThE USE o f EXTERNAL CoNfIRMATIoNS IN A N AUDIT o f fINANCIAL STATEMENTS

The key issue of audit involvement in live applications is to determine who will undertake the review. In many organisations, computer auditors will perform a live review of IT applications, whilst in others, live applications may be viewed as a business area and therefore the responsibility of a business auditor. Increasingly, a joint approach is being adopted by many organisations where the IT application forms part of a wider scope audit of the business area and enables a more integrated and complete review to be undertaken. The frequency of the periodic review is also important. Risk should be the key factor in determining frequency and hence, importance to the organisation. . | STAFF AUDIT PRACTICE ALERT IAASB International Auditing and Assurance Standards Board NOVEMBER 2009 The IAASB is an independent standard-setting board of the International Federation of Accountants. emerging practice issues regarding the use of external confirmations in an audit of financial statements This alert is issued by staff of the International Auditing and Assurance Standards Board IAASB to highlight a number of emerging practice issues that may affect the audit evidence obtained through external confirmations. Although properly designed and controlled external confirmation requests can be very effective in obtaining appropriate audit evidence auditors may face a number of issues that can affect the relevance and reliability of the audit evidence obtained. An awareness of such issues may assist auditors in planning effective use of external confirmation procedures. Therefore this alert has been prepared to highlight these issues and to bring to auditors attention matters to consider when deciding whether to request external confirmations when designing and carrying out such procedures and when evaluating the responses Topics Discussed in this Alert Remaining Alert to the Possibility of Fraud in the Confirmation Process Circumstances Where External Confirmation Procedures May Not Provide Sufficient Appropriate Audit Evidence Use of Technology in the Confirmation Process Disclaimers and Other Restrictions in Confirmation Responses This alert does not amend or override the ISAs that are currently effective the texts of which alone are authoritative. Reading the alert is not a substitute for reading the ISAs. The alert is not meant to be exhaustive and reference to the ISAs themselves should always be made. In conducting an audit in accordance with ISAs auditors are required to comply with all the ISAs that are relevant to the Key Messages External confirmation procedures can be an effective tool in obtaining relevant and reliable audit

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