AuditCorporate

AUDIT DOCUMENTATION

By January 22, 2019 No Comments

It is the process of recording the procedures performed on the subject matter, evidence obtained using different procedures and conclusion reached after evaluating audit evidence. An auditor must maintain an audit documentation that provides sufficient and appropriate record of the basis for the audit report and evidence that the audit was planned and performed as per ISAs.

FORM AND EXTENT

Audit documentation may be retained on paper or electronic form. The audit documentation is maintained in audit file. For ongoing audits, it is the normal practice to maintain two types of audit file for a single client:

  1. Permanent file

Information which is of significance to every audit is recorded in the permanent file. E.g.

  • Incorporation certificate of the company
  • Memorandum and Articles of Association of the company
  • Details of any loans, obtained by the company
  • History of restructuring of the company
  • Details of accounting systems and policies
  • HR manuals of the entity
  • Standard operating procedures of the company
  • Copy of prior periods’ financial statements with auditor’s report and director’s report

 

  1. Current file

Information which relates to the current year is recorded in the current year’s file. E.g.

  • Financial statements along with audit report and director report of the current period
  • Summary of audit adjustments proposed, made and not made
  • Audit planning documentation
  • Confirmation Letters
  • Audit working papers
  • Bank Statements and related information

 

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