SA 330, “The Auditor’s Responses to Assessed Risks”

SA 330, “The Auditor’s Responses to Assessed Risks” requires the auditor to conclude whether  sufficient  appropriate  audit  evidence  has  been  obtained. Whether sufficient appropriate audit evidence has been obtained to reduce audit risk to an acceptably low level, and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion, is a matter of professional judgement. SA 200 contains discussion of such matters as the nature of audit procedures, the timeliness of financial reporting, and the balance between benefit and cost, which are relevant factors when the auditor exercises professional judgement regarding whether sufficient appropriate audit evidence  has been obtained.

Audit evidence to draw reasonable conclusions on which to base the auditor's opinion is obtained by performing: