TWSAE3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information

Status

Revised by Auditing Standards Committee in Taiwan on 4 October, 2022.

Summary

This Standard deals with assurance engagements other than audits or reviews of historical financial information.

The practitioner shall accept or continue an assurance engagement only when:
(a) the practitioner has no reason to believe that relevant ethical requirements, will not be satisfied; (b) the practitioner is satisfied that those persons who are to perform the engagement collectively have the appropriate competence and capabilities; and (c) the basis upon which the engagement is to be performed has been agreed. The engagement partner shall take responsibility for the overall quality on the engagement.
The practitioner shall plan and perform an engagement with professional skepticism, recognizing that circumstances may exist that cause the subject matter information to be materiality misstated.
The practitioner shall exercise professional judgment in planning and performing an assurance engagement, including determining the nature, timing and extent of procedures. Besides, the practitioner shall determine whether the criteria are suitable for the engagement circumstances. If it is discovered after the engagement has been accepted that the applicable criteria are unsuitable or the underlying subject matter is not appropriate for an assurance engagement, the practitioner shall consider withdrawing from the engagement. If the practitioner continues with the engagement, the practitioner shall express a qualified or adverse conclusion, or disclaimer of conclusion, as appropriate in the circumstances.
In a reasonable assurance engagement, the practitioner shall obtain an understanding of the underlying subject matter and other engagement circumstances sufficient to: (a) enable the practitioner to identify and assess the risks of material misstatement in the subject matter information; and (b) thereby, provide a basis for designing and performing procedures to respond to the assessed risks and to obtain reasonable assurance to support the practitioner’s conclusion. In a limited assurance engagement, the practitioner shall obtain an understanding of the underlying subject matter and other engagement circumstances sufficient to: (a) enable the practitioner to identify areas where a material misstatement of the subject matter information is likely to arise; and (b) thereby, provide a basis for designing and performing procedures to address the areas and to obtain limited assurance to support the practitioner’s conclusion.
The practitioner shall form a conclusion about whether the subject matter information is free of material misstatement. In forming that conclusion, the practitioner shall consider the practitioner’s conclusion regarding the sufficiency and appropriateness of evidence obtained and an evaluation of whether uncorrected misstatements are material, individually or in the aggregate.

Effective date

This Standard is effective from 15 December, 2022.