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The standard requires that the auditor must gain an understanding of the business and its environment,
including its internal controls, sufficient to identify and assess the risk of perceived infidelity of financial statements either due to fraud or error, and are sufficient to design and conduct further audits procedures.
The standard provides guidance on the following:

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ACC311 midterm solved papers
1. Risk assessment procedures and business information sources and the environment includes its internal management. 2. Understand the business and its environment, including its internal controls. 3. Assess the risks of material distortion. 4. Liaise with those in charge of administration and administration. 5. Texts.

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1. Risk Assessment Processes and Sources of Business Information and Its Environment Includes Its Internal Control Risk Assessment Processes and Resources
The auditor must perform the following risk assessment procedures to gain an understanding of the business and its environment, including its internal controls.
a) Questions from management and others within the business;
b) Analysis procedures; and
c) Monitoring and evaluation.

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The auditor is not required to use all risk assessment procedures in each aspect of comprehension, it is necessary. However, all of the above risk assessment procedures apply to the process of obtaining understanding required.

In addition to the above procedures, an auditor may obtain information by conducting business inquiries to legal representatives or rating experts used by the business. Updating imported information sources such as analysts’ reports, banks, or rating agencies, trade and economic or legal journals or financial publications can also help you get information about the business.

a) Questions
The Auditor-General receives information from management and accountants. However, useful information can be obtained from others within the business such as production staff, internal testing employees and other employees. Questions from others may provide the auditor with the following information details:

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• Questions directed at those in charge may help the auditor to understand a place where financial statements are prepared. (those people include representing the board of directors, the chief financial officers in charge of internal control design).

• Questions addressed to internal audit staff may not be related to their responsibilities in this regard to monitoring and operation of the internal control of the business and whether they are in charge have responded satisfactorily to any of the findings of these works.

ACC311 midterm solved papers
• Inquiries from staff who participated in complex or unusual initiation, processing and recording transactions (such as account managers etc.) can assist the auditor in reviewing the appropriateness of the selection and implementation of certain accounting policies.
• Questions directed at internal legal counsel (such as; company secretary, legal adviser) may be subject to matters such as litigation, compliance with laws and regulations, fraudulent information or allegations of fraud involving business, warranties, retail sales bonds, planning.

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