06 For purposes of GAAS, the following terms have the meanings at- tributed as follows: Audit documentation. The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as working papers or workpapers are also sometimes used).

What does audit documentation include?

Among other things, audit documentation includes records of the planning and performance of the work, the procedures performed, evidence obtained, and conclusions reached by the auditor. Audit documentation also may be referred to as work papers or working papers .

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 different types of audit documentation?

The types of audit documentation that should be assembled include the following:

• Analyses conducted.
• Audit plans.
• Checklists.
• Confirmation letters.
• Memoranda and correspondence regarding issues found.
• Representation letters.
• Summaries of significant findings.

Who is the owner of audit documentation?

Your firm owns all audit documents it prepares. It doesn’t make any difference that the client paid for the audit; the documentation isn’t the client’s property.

What is the nature of audit documentation?

The nature of audit evidence refers to the form of the evidence you’re looking at during the audit. It should include all accounting documents and may include other available information, such as the minutes of the board of directors meetings.

How long should you keep audit documentation?

seven years
Under the new rule,96 accountants who audit or review an issuer’s or registered investment company’s financial statements must retain certain records for a period of seven years from conclusion of the audit or review.

What is the purpose of documentation?

The purpose of documentation is to: Describe the use, operation, maintenance, or design of software or hardware through the use of manuals, listings, diagrams, and other hard- or soft-copy written and graphic materials.

Why auditor is the owner of audit working paper?

Purpose of Audit Working Papers Working papers represent the volume of work performed by the auditor and his staff. Hence, they enable the easy drafting and preparation of a detailed audit report.

How long should audit documentation be retained?

. 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 auditing means?

Definition: Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation.

What is the primary objective of AS 1215 audit documentation?

To understand the nature, timing, extent, and results of the procedures performed, evidence obtained, and conclusions reached, and. To determine who performed the work and the date such work was completed as well as the person who reviewed the work and the date of such review.