Expectation 9: The Committee expects the external auditor to obtain sufficient appropriate audit evidence about whether the ECL estimate and related disclosures in the financial statements are reasonable in the context of the applicable ECL framework. The external auditor's further audit procedures should be responsive to assessed ROMM in relation to ECL and its components.

Expectation 10: The Committee expects that the external auditor will obtain more persuasive evidence to support the external auditor's audit of the ECL estimate and related disclosures because of the significant ROMM.

70. The auditor reaches their judgment on whether there is a material misstatement on the basis of gathering sufficient appropriate audit evidence [ISA 330, The Auditor's Response to Assessed Risks, paragraph 26.]. Sufficiency is an assessment of the quantity of information gathered, and appropriateness is an assessment of the quality (relevance and reliability) of the information [ISA 500, Audit Evidence, paragraphs 5(b) and 5(e).].

71. The ECL estimate is likely to be a material estimate for the users of the bank's financial statements. Given this likelihood, along with the expectation that ECL will give rise to significant risk(s) of material misstatement (see Expectation 4), it follows that the external auditor will need to gather highly persuasive evidence to be able to reach a robust judgment that the ECL estimate is not misstated.

72. Consideration of the following may assist the external auditor in determining whether they have sufficient appropriate evidence: