BOOK VIII: Some regulated professions.

The professional practice standard on the application of the concept of materiality when planning and performing an audit, approved by the Garde des Sceaux, Minister of Justice, is shown below: APPLICATION OF THE NOTION OF SIGNIFICANCE WHEN PLANNING AND PERFORMING AN AUDIT Introduction 1. For the purpose of expressing an opinion on the financial statements, the statutory auditor performs an audit to obtain high-level but not absolute assurance, conventionally referred…

The professional practice standard relating to the assessment of misstatements identified during the audit, approved by the Minister of Justice, is shown below: . NEP-450. ASSESSMENT OF ANOMALIES IDENTIFIED DURING THE AUDIT Introduction 1. The purpose of the standard “Application of the concept of materiality when planning and performing an audit” is to define the principles relating to the application by the statutory auditor of the concept of materiality when…

The professional practice standard relating to knowledge of the entity and its environment and assessment of the risk of material misstatement of the financial statements, approved by the Minister of Justice, is set out below: UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISK OF MATERIAL MISTAKENESS IN THE ACCOUNTS Introduction 1. The statutory auditor obtains a sufficient understanding of the entity, including its internal control, to identify and…

The professional practice standard relating to the audit procedures performed by the statutory auditor following its risk assessment, approved by the Minister of Justice, is set out below: . NEP-330. Audit procedures performed by the statutory auditor following its risk assessment . Introduction 01. Having obtained an understanding of the entity and assessed the risks of material misstatement of the accounts, the statutory auditor adapts his overall approach and designs…