ABREMA: footnote: accounting information systemeptable level of audit risk

Footnote

According to ISA315.81, the auditor's understannding of the accounting information system should include an understanding of • the classes of transactions in the entity’s operations that are significant to the financial statements • the procedures, within both IT and manual systems, by which those transactions are initiated, recorded, processed and reported in the financial statements. • the related accounting records, whether electronic or manual, supporting information, and specific accounts in the financial statements, in respect of initiating, recording, processing and reporting transactions • how the information system captures events and conditions, other than classes of transactions, that are significant to the financial statements • the financial reporting process used to prepare the entity’s financial statements, including significant accounting estimates and disclosures.