Page 24 - Day 2 - Planning an Audit

What will an auditor obtain the understanding of?

3.The entity’s selection and application of accounting

policies, including the reasons for changes thereto. The

auditor shall evaluate whether the entity’s accounting

policies are appropriate for its business and consistent

with the applicable financial reporting framework and

accounting policies used in the relevant industry.

4. The entity’s objectives and strategies, and those

related business risks that may result in risks of material

misstatement.

5. The measurement and review of the entity’s financial

performance