Annual Audit Manual

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3104 Involving a Controls Assurance specialist
Jun-2020

In This Section

Whether to involve a Controls Assurance specialist

Overview

This topic explains:

  • Objectives of the Controls Assurance function
  • Considerations on when to involve a Controls Assurance specialist
Whether to involve a Controls Assurance specialist

OAG Guidance

Control reliance is an audit approach to obtain audit evidence in respect of a relevant risk to a financial statement line item by testing the entity’s control(s) for operating effectiveness.

Controls Assurance’s objective is to help ensure that the audit team’s audit approach and sources of assurance are optimized to achieve an efficient and effective audit approach.

A Control Assurance specialist is available to assist and support audit teams in determining the optimal use of controls-reliant audit approaches through various means, such as:

  • providing expertise and knowledge to support the audit teams in developing efficient and effective approaches in their audits,
  • assisting audit teams by identifying areas where controls-reliant audit approaches could be relevant and where other procedures (substantive tests of details, substantive analytical procedures etc.) could be modified,
  • assisting audit teams in obtaining an understanding and documenting business processes,
  • assisting audit teams in identifying and assessing the design and implementation of relevant controls,
  • assisting audit teams in planning and performing tests of controls,
  • assisting audit teams in planning their transition to a controls-reliant approach,
  • helping audit teams to improve audit efficiencies over time,
  • providing training to audit teams in the area of controls assurance, and
  • improving financial management and controls in our audit entities by working with the Audit Practitioner to provide management and those charged with governance in our audit entities with meaningful recommendations to correct significant deficiencies.

Contact a Controls Assurance Specialist to initiate their involvement.