Audit Documentation - Paper

audit [pic] ISA 230 (revised) Audit Documentation [pic] In the first of a series of articles, Steve Collings takes a look at the revised and/or redrafted studying standards issued by the IAASB during the pellucidity project.  The IAASB clarity project is aimed at removing ambiguity inside the auditing standards and clarifying certain terms within the standards themselves.  The first ISA in the series looks at ISA 230 (revised) Audit Documentation. Audit realise, whether it be discussion, observance, reperformance and so on must be documented within the audit file.  Whilst this may seem obvious to any auditor, it is surprising just how frequently audit work is undertaken by audit loadeds that is not, in fact, documented.  only ticking a box or writing ideal on an audit programme does not constitute adequate and appropriate audit evidence. ISA 230 (revised) states that the auditor should prepare, on a well-timed(a) basis, audit documentation that provides: - A sufficient and appropriate show of the basis for the auditors report; and - Evidence that the audit was performed in accordance with ISAs and applicable legal and regulatory requirements.

For the purposes of ISA 230 Audit Documentation means the record of audit procedures performed (including audit planning), relevant audit evidence obtained and conclusions which the auditor has reached.  For example, a typical functional paper could contain: Objective set out the general tar collar of the audit procedure(s) to be performed. Work performed document the work that was actually undertaken. Results and evaluation document the results of the work performed above. Conclusion whether the objective at the start of the procedure was met. A common priming for audit files failing regulator inspections is because the auditor/audit firm does not sufficiently document procedures which have been carried out during the persist of an audit.  Consider the following example: You are auditing Alicia Enterprises Inc. ... If you want to get a full essay, order it on our website: Ordercustompaper.com

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