Answer :
Audit documentation refers to the records or
documentation of procedures that
auditors performed, the audit
evidence that they obtained and the conclusion
that makes by them based on the evidence obtained.
Audit working papers are sometimes referred to audit documents
that they are very imported part of audit works. These documents
are evidence that supports auditors to make their conclusion on the
financial statements.
The conclusion should not be a summary of
findings, but rather be a clear conclusion against
the audit objective. The
conclusion has to be expressed using a positive
form.
The Items documented are -
- Engagement letter.
- Audit programmes defined, with details of work carried out and
results filled, including planning memorandum.
- Analyses of various account balances through comparatives and
corroborative.
- Issues memoranda.
- Summaries of significant matters.
- Letters of confirmation and representation.
- Checklists.
- Correspondence (including e-mail) concerning significant
matters.
- Abstracts or copies of the entity s records/contracts/
agreements.
- The auditor shall document discussions of significant matters
with management, those charged with governance, and others,
including the nature of the significant matters discussed and when
and with whom the discussions took place.
- If the auditor identified information that is inconsistent with
the auditor’s final conclusion regarding a significant matter, the
auditor shall document how the auditor addressed the
inconsistency.