Audit Documentation Flashcards
1
Q
Audit documentation should?
A
assist in planning, conducting, and supervising the audit, show that the accounting records reconcile with the financial statements, and be prepared in enough detail so than an experienced auditor who has no previous connection with the audit can understand
2
Q
What is the date on which the auditor grants the client permission to use the report?
A
Report Release Date
3
Q
Under SAS rules, how long must audit documentation be retained?
A
5 years
4
Q
Under PCAOB rules, how long must audit documentation be retained?
A
7 years
5
Q
SAS Rules require that final audit documentation file be assembled within?
A
60 days following the report release date
6
Q
PCAOB Rules require audit documentation files be complete at?
A
45 days following the report release date
