AUDIT EVIDENCE – USE OF IA

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March 6, 2019 at 1:43 pm #508015
hbwiza21
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“However, it is important to note that ISA 610 states that internal audit can be involved in substantive reporting only in areas where only limited judgement is required. All areas involving substantial judgement or estimates must be handled by the external auditors. ”
Hi,
Can you please clarify the above statement. What does “substantive reporting” refer to?
March 6, 2019 at 2:09 pm #508021
Kim Smith
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I have checked ISA 610 and what is states is that the work of internal audit can only be used by the external auditor for substantive PROCEDURES that involve limited judgment.
Thank you for flagging – I will have this typo corrected in the next edition of the notes.
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