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 and General Meetings, as are relevant to the audit.

(c) Evidence of the planning process of the audit and audit programme.

(d) Analysis of transactions and balances.

(e) A record of the nature, timing and extent of auditing procedures performed, and the results of such procedures.

(f) Evidence that the work performed by assistants was supervised and reviewed.

(g) Copies of communications with other auditors, experts and other third parties.

(h) Copies of letters or notes concerning audit matters communicated to or discussed with the client, including the terms of the engagement and material weaknesses in relevant internal controls.

(i) Letters of representation or confirmation received from the client.

(j) Conclusions reached by the auditor concerning significant aspects of the audit, including the manner in which exceptions and unusual matters, if any, disclosed by the auditor’s procedures were resolved or treated.

(k) Copies of the financial information being reported on and the related audit reports.

(l) Audit review points and highlight.

(m) Major weakness in Internal control.