Nte meaning

It refers to Nature, timing and extent of Audit procedures. Auditor assesses the risk of material misstatement as per SA 315 and determine its appropriate responses as per SA 330. If Auditor determines high risk related to financial statement, He should extent his audit procedures and obtain more persuasive audit evidences to bring the level of assurance. For ex: If Auditor while performing assessment of risk, finds there might be risks associated with Inventory figures, then he will design the nature, timing and extent of audit procedures for the same. The Nature of Audit procedure can be Physical Verification, Timing can be September and March End and extent will be twice in a year.