Page 106 - Internal Auditing Standards

9. Responding to Assessed Risks

Chapter Content Relevant ISAs
Designing and implementing appropriate responses to assessed risks. 240, 300, 330, 500

Exhibit 9.0-1

Assessed Risks...
At Financial At
Statement Level Assertion Level

Auditor’s Response

Overall Further Audit
Response Procedures

Examples include:
t 1SPGFTTJPOBM TLFQUJDJTN Substantive
t -FWFM PG TUBò BTTJHOFE Tests of
t 0OHPJOH TUBò TVQFSWJTJPO procedures control
t &WBMVBUF BDDPVOUJOH QPMJDJFT
t /BUVSF FYUFOU UJNJOH BOE
unpredictability of planned
procedures Tests of Substantive
t 0UIFS GVSUIFS QSPDFEVSFT detail Analytical

Result
Sufficient appropriate audit evidence to
reduce audit risk to an acceptably low level

Paragraph # ISA Objectives

330.3 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.

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