SA 330: Responses to Assessed Risks#
Overall Responses#
- Emphasis on matters affecting financial statements
- Assignment of team members
- Supervision and review
Audit Procedures#
1. Tests of Controls
- Evaluate design of controls
- Test operating effectiveness
- Purposes:
- Support assessed risk at assertion level
- Obtain audit evidence that controls are operating effectively
2. Substantive Procedures
- Tests of details
- Substantive analytical procedures
- Performed for all relevant assertions
Nature, Timing, and Extent#
- Nature: Types of procedures
- Timing: When procedures performed
- Extent: Sample sizes
Documentation Requirements#
- Overall audit strategy
- Audit program
- Results of procedures
- Conclusions reached