PCAOB on Audit Documentation Flashcards
1
Q
What is the basic audit documentation requirements?
A
- Demonstrate compliance with PCAOB standards
- Support basis for the auditors conclusions
2
Q
What must the auditors document
A
1) Document audit procedures involving inspection of documents
2) All significant finds or issues must be identified in the “engagement completion document”
3
Q
What is the engagement completion document?
A
Where all significant finds are located?
4
Q
What are the retention requirements for PCAOB audits?
A
7 years from report release date
Documentation completion date- 45 days after the report release date
5
Q
What are the rules on amending the documents after the completion date?
A
- No documentation can be deleted
- Documentation can be added
