What should be included in audit documentation?

What should be included in audit documentation?

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 is au-C Section 230?

This section addresses the auditor’s responsibility to prepare audit documentation for an audit of financial statements. AU-C Section 230.01,04-05: Audit Documentation (Scope and Objectives) AU-C Section 230.02-03: Nature and Purposes of Audit Documentation.

What date does ISA 230 base the documentation retention period on?

Matters Arising after the Date of the Auditor’s Report —-Final audit file must be assembled on timely basis (Usually 30 days from date of audit report) and should be kept for minimum retention period (usually 5 to 10 years).

How long should audit documentation be retained?

seven years
. 14 The auditor must retain audit documentation for seven years from the date the auditor grants permission to use the auditor’s report in connection with the issuance of the company’s financial statements ( report release date), unless a longer period of time is required by law.

What is audit documentation What are the purposes of audit documentation?

Documentation serves multiple purposes: it aids the planning and performance of the audit, it facilitates and supports review, it helps demonstrate the application of the requirements of applicable professional standards, and it supports the evaluation of the sufficiency and appropriateness of evidence obtained and the …

What are the key requirements of an independent auditor under sa200?

Requirements

• Identify and assess risk of material misstatement based on understanding of the entity and its internal control.
• Obtain sufficient audit evidence about whether material misstatement exist and implement appropriate control to mitigate the risk.

What documentation does ISA 230 require?

ISA 230 statements The auditor should prepare, on a timely basis, audit documentation that provides: A sufficient and appropriate record of the basis for the audit report. Evidence that the audit was performed in accordance with ISA’s and applicable legal and regulatory requirements (Paragraph 2).

Why is Section 802 important?

Section 802 of Sarbanes-Oxley makes it a crime to alter, destroy, cover-up or falsify any document with the intent to “impede, obstruct or influence” any federal investigation or any bankruptcy case. The new crime carries a maximum sentence of 20 years.