What are the documentation requirements for auditors?
The types of audit documentation that should be assembled include the following:
- Analyses conducted.
- Audit plans.
- Confirmation letters.
- Memoranda and correspondence regarding issues found.
- Representation letters.
- Summaries of significant findings.
What is audit documentation review?
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.
How do I document audit Workpaper?
Typically each audit working paper must be headed with the following information:
- The name of the client.
- The period covered by the audit.
- The subject matter.
- The file reference (3)
- The initials (signature) of the member of staff who prepared the working paper, and the date on which it was prepared.
What is audit documentation in auditing?
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.
What documents are needed by auditor at audit time?
Checklist for required documents before starting audit
|1||AUDIT ENGAGEMENT LETTER|
|2||OPENING TRAIL BALANCE|
|3||LAST YEAR SIGNED FINANCIAL STATEMENT|
|4||COPY OF CAMPUTATION OF INCOME OF LAST YEAR|
Which of the following documentation is required for an audit in accordance with generally accepted auditing standards?
The correct answer is b) A client engagement letter that summarizes the timing and details of the auditor’s planned fieldwork.
Why are audit working papers reviewed?
Review ensures that the work performed supports the conclusions reached, that the evidence obtained is sufficient and appropriate to support the audit observations and conclusions, and that the audit work is appropriately documented.
What is audit review process?
Although every audit process is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review. Client involvement is critical at each stage of the audit process.
What is a Workpaper review?
The primary purpose of a workpaper review is examination scoping, in which regulators can better focus their own resources by reviewing what the auditors have already done to avoid duplication. Examinations are not done to second-guess the auditors.
Are audit workpapers confidential?
Audit work papers can only be held non-public if they meet the definitions under private, controlled, or protected. If the document used as a work paper is received from another government entity, that government entity is responsible to classify the document.
What documents an auditor may look for before he performs an audit?
The auditor may include abstracts or copies of the entity’s records (for example, significant and specific contracts and agreements) as part of audit documentation.