Documentation

Audit documentation should be retained for

• minimum period of seven years.
• as long as lead schedule have relevance to forthcoming audits.
• until three years after the client selects another auditor.
• working paper must be maintained indefinitely.

Main purpose of audit documentation

• Assisting engagement team to plan & perform the audit.
• Enabling conduct of external inspections
• Retaining records of matters of continuing significance to future audits.
• All of the above

Auditor shall assembly of audit documentation file with in

• 60 days after date of auditor report.
• 90 days after date of auditor report.
• 120 days after date of auditor report.
• 45days after date of auditor report.

As per SA230 an important factor in determining the form, content,& extent of audit documentation of significant matters in extent of.

• Risk of material misstatements.
• Professional skepticism
• Professional judgement.
• Internal control adequacy.

As per SA 230 factor effecting form, content and extent of audit documentation.

• size and complexity of entity.
• nature of audit procedure to be performed.
• identified risk of material misstatements
• All of the above

Who is responsible for ensuring the confidentiality's custody,integrity,accessibility of audit documentation

• Entity being audited.
• The auditor.
• The audit committee.
• The regulatory authority.

If auditor finds that audit documentation is incomplete,what should be done.

• Destroy the incomplete documentation.
• ignore it if the audit opinion has already been issued.
• perform additional audit procedure and document them appropriately.
• inform the entity mangement.

What is auditor responsibility if audit documentation is requested by regulatory authority

• Deny access to the documentation
• seek legal advice before providing access.
• providing access immediately.
• inform the entity being audited and then provide access.