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Audit - 2. page

Ownership and custody

Ownership and custody : Working papers are the property of the auditor. The auditor may, at his discretion, make portions of or extracts from his working papers available to his […]

RETENTION OF WORKING PAPERS/ DOCUMENTS

RETENTION OF WORKING PAPERS/ DOCUMENTS Period of retention The auditor should retain the working papers for a period of time sufficient to meet the needs of his practice and satisfy […]

GUIDANCE TO STAFF ON AUDIT DOCUMENTATION

GUIDANCE TO STAFF ON AUDIT DOCUMENTATION Proper guidance should be given to staff regarding the following: (a) Filing/keeping of working papers. (b) Checklist of documents to be obtained and maintained. […]

The need for Working papers

The need for Working papers The need for Working papers listed as follows: (a) They aid in the planning and performance of the audit; (b) They aid in the supervision […]

Need for Audit documentation

Need for Audit documentation : The audit working papers (current and permanent) for a client audit engagement should be sufficiently detailed to enable another appropriately experienced and competent auditor who […]

Content of current audit file

Content of current audit file : The current file normally includes: (a) Correspondence relating to acceptance of annual reappointment. (b) Extracts of important matters in the minutes of Board Meetings […]

Content of permanent audit file

Content of permanent audit file : (a) Copy of initial appointment letter if the engagement is of recurring nature. (b) Record of communication with the retiring auditor, if any, before […]

Permanent and Current Audit files

Permanent and Current Audit files In the case of recurring audits, some working paper files may be classified as permanent audit files, which are updated currently with information of continuing […]

Form and content of documentation

Form and content of documentation The form and content of audit documentation should be designed to meet the circumstances of the particular audit. The information contained in audit documentation constitutes […]

DOCUMENTATION

DOCUMENTATION : “The skill of an accountant can always be ascertained by an inspection of his working papers.”— Robert H. Montgomery, Montgomery’s Auditing, 1912 Meaning of Documentation The word “document” […]

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