Audit documentation requirements

Auditing terms

Audit documentation is the principal record of auditing procedures applied, evidence obtained, and conclusions reached by the auditor in the engagement.
The quantity, type, and content of audit documentation are matters of the auditor's professional judgment..

Auditing terms

Essentially, audit documents are used to document records of planning, work performance, procedures performed, evidence obtained, and conclusion reached by the auditor..

Auditing terms

The audit should be performed by an independent external auditor after the books have been closed and management has created the financial statements.
Often, control testing can be performed prior to the year-end close..

How do you conduct a document audit?

Auditing Requirements means the completion, approval by the Board of Directors of FER and publication of annual financial audits as required by the FER Law (as published on July 24, 2003) and the completion of a Road Maintenance and Financial Audit..

How long do you have to keep audit documentation for?

Rule 2-06 requires that accountants retain certain records relevant to an audit or review of an issuer's or registered investment company's financial statements for seven years..

How long does audit documentation need to be retained?

Section 103(a)(2)(A)(i) of the Sarbanes-Oxley Act of 2002 (the "Act") directs the Board to establish auditing standards that require registered public accounting firms to prepare and maintain, for at least seven years, audit documentation "in sufficient detail to support the conclusions reached" in the auditor's report .

Is audit documentation required?

04 The auditor must prepare audit documentation in connection with each engagement conducted pursuant to the standards of the PCAOB.
Audit documentation should be prepared in sufficient detail to provide a clear understanding of its purpose, source, and the conclusions reached..

Service organization in audit

Examples of audit documentation include audit programs, analyses, issues memoranda, letters of confirmation and representation, checklists, extracts of important entity documents, correspondence (including e-mail) concerning significant matters, and schedules of work performed by the auditor..

What are an auditor's documentation requirements concerning an entity's internal control system?

c) An auditor's documentation requirements concerning an entity's internal control system and the assessed level of control risk are procedure manuals and organization charts, narrative description, internal control questionnaires and flow charts 27..

What are the documentation requirements for auditors?

Documents Required for Corporate Governance Audit

What are the required documentation in an audit?

Examples of audit documentation include memoranda, confirmations, correspondence, schedules, audit programs, and letters of representation.
Audit documentation may be in the form of paper, electronic files, or other media..

What are the requirements for audit documentation?

14 The auditor should document significant findings or issues, actions taken to address them (including any additional evidence obtained), and the basis for the final conclusions reached.
Judging the significance of a finding or issue requires an objective analysis of the facts and circumstances..

What are the requirements for audit documentation?

Audit documentation must contain sufficient information to enable an experienced auditor, having no previous connection with the engagement: To understand the nature, timing, extent, and results of the procedures performed, evidence obtained, and conclusions reached, and..

What are the requirements for retention of audit documentation?

Once the auditors have completed their workpapers for a given client, they must retain that audit documentation for a certain period of time.
The retention requirements of audit documentation are 5 years for nonissuers and 7 years for issuers..

What documentation is needed for audit?

Examples of audit documentation include memoranda, confirmations, correspondence, schedules, audit programs, and letters of representation.
Audit documentation may be in the form of paper, electronic files, or other media. 5..

What documents are prepared for an auditor?

Audit Preparation Checklist

Why audit documentation is required?

Objectives of Audit Documentation
Audit documentation also facilitates the planning, performance, and supervision of the engagement, and is the basis for the review of the quality of the work because it provides the reviewer with written documentation of the evidence supporting the auditor's significant conclusions..