Audit Documentation

AU Doc

– written record of the basis for the auditor’s conclusions that provides the support for their representations

Objective

– Improve audit quality + enhance public confidence

Purposes

• Integral part of audit quality

• Documents the nature, timing and extent of work performed and by whom

• Facilitates planning, performance and supervision

• Evidence of due care

• Basis for conclusion, review

Experienced Auditor Standard

• should be prepared in sufficient detail to enable an experienced auditor having no previous connection with the engagement to:

1. Understand the nature timing, extent and results of procedures, evidence obtained, conclusions reached.

2. Determine who performed the work, date of work, reviewer and date of review.

• should provide a clear link to significant findings or issues and

1. Demonstrate compliance with professional standards

2. Support basis for conclusions for each relevant assertion

3. Document that accounting records agree with financial statements

Permanent files

Info of continuing audit significance

• Corporate by-laws & orgo charts

• Chart of accounts; Operating & Accounting Manual

• Contracts, Leases, Bond issuances

Current files

• Planning, Trial Balance & Reporting

• Programs, Memos, Minutes

• Reconciliations, Testing, Confirmations, Correspondence