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PSA 600 (The Principal Auditor’s Procedures :pencil2: (advise the other…
PSA 600
The Principal Auditor’s Procedures :pencil2:
consider the professional competence of the other auditor in the
context of the specific assignment
perform procedures to obtain sufficient
appropriate audit evidence
advise the other auditor of:
independence requirements
use that is to be made of the other auditor’s work and report and make
sufficient arrangements for the coordination of their efforts
accounting, auditing and reporting requirements and obtain written
representation as to compliance with them
consider the significant findings of the other
auditor
Cooperation Between Auditors :silhouettes:
The other auditor, knowing the context in which the principal auditor will
use the other auditor’s work, should cooperate with the principal auditor.
Reporting Considerations :check:
When the principal auditor concludes that the work of the other auditor
cannot be used he should express
a qualified opinion or disclaimer of opinion
Division of Responsibility :silhouette:
principal auditor should state facts clearly and indicate the magnitude of the
portion of the financial statements audited by the other auditor
Acceptance as Principal Auditor :check:
Auditor should consider whether the auditor’s own participation is
sufficient to be able to act as the principal auditor
principal auditor’s degree of knowledge regarding the business of the
component
materiality of the portion of the financial statements
risk of material misstatements in the financial statements
performance of additional procedures