The Objective of Audit Documentation (1) Flashcards
What is audit documentation?
Record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached
What must be done with audit work?
All audit work must be documented. The working papers are tangible evidence of work done to support audit opinion
What does ISA 230 state?
The auditor shall prepare audit documentation on a timely basis
Why is audit documentation necessary (basis)
Provide evidence of auditor’s basis for a conclusion about achievement of overall objective
Why is audit documentation necessary (evidence)
Provide evidence that the audit was planned and performed in accordance with ISAs and other legal/regulatory requirements
Why is audit documentation necessary (management team)
Assist the management team to plan and perform the audit
Why is audit documentation necessary (supervision)
Assist team members responsible for supervision to direct, supervise and review audit work
Why is audit documentation necessary (accountable)
To enable the audit team to be accountable for its work
Why is audit documentation necessary (record)
To retain a record of matters of continuing significance
Why is audit documentation necessary (quality)
To enable quality reviews and inspections to be performed
