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Areas / matters where Professional Judgement is used by the External Auditor are :

1. When calculating materiality at the start of the audit

2. When audit risk is assessed

3. Nature, timing & extent of audit procedures to be performed to obtain audit evidence.

4. When evaluating whether S.A.A.E has been obtained & what further procedures are needed to achieve the overall objectives of the external audit.

5. When drawing conclusions based on the evidence obtained e.g. assessment of reasonableness of estimates made by management in preparing the accounts.

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owner: Shaun2099 - (no access) - H1 BasicConcepts.pdf, p9


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