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SA 230: Audit Documentation - Coggle Diagram
SA 230: Audit Documentation
AD Includes
Audit procedure performed
Relevant AE obtained
Conclusions reached
:star:
Need & Purpose of AD
Evidence
Basis for conclusion
Audit was planned & performed in acc. with SAs and L&R
Work Accountability
Retaining record for future
Assists in
Planning and performing
Direction and supervision
Discharge review responsibilities (SA 220)
Conduct of external inspections
Conduct of Quality Control Review
Benefits of timely preparation of AD
Enhance the quality of audit
Facilitates the effective review & evaluation of AD
If prepared after audit — may be less accurate
Form, Content & Extent of AD
Auditor shall prepare AD that is
sufficient to enable
an experienced auditor
to understand
Audit procedure performed
Result and evidences obtained
Conclusions and auditor's judgement
Documentation of Audit Procedures (NTE) performed includes
Identifying characteristics of specific items tested
Who performed & date of completion of work
Who reviewed & date and extent of review
Documentation of communication with client/regulatory bodies
Discussion of significant matters with MGT, TCWG, others
Final conclusion
How was the inconsistency in AE addressed?
Matters arising after date of AR — in exceptional circumstances
Circumstances encountered
New, additional AP performed, evidence obtained, and conclusion reached
When and by whom resulting changes to doc. were made
:star: Factors affecting form, content and extent of AD
Size & complexity of entity
Identified ROMM
Nature of AP performed
Audit methodology & tools used
Significance of AE obtained
Nature & extent of exceptions identified
Need to document a conclusion not readily determinable
Mode of Documentation
Medium and types of AD includes
Audit Programmes
Analysis
Memoranda
Summary of significant matters
Letter of confirmation and representation
Checklist
No need to Document
Draft working papers
Oral explanations
No need to separately document matter for which AE available otherwise
Audit Plan
Engagement Letter
Qualifications
Professional Skepticism
Direction, supervision,etc.
Matters that should be definitely documented
Significant risk areas identified
Significant uncertainty noticed
Modifications due to findings
Limitations and difficulties in auditing
Professional judgement on subjective areas
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Assembly of the final file
An administrative process
Documentation on timely basis after date of AR — not more than 60 days
Retention period — 7 years unless higher period req. by law (SQC 1)
Modification — reasons + when & by whom made and reviewed
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Ownership
As per SQC 1, AD is the property of Auditor unless otherwise specified by L&R
May at his discretion, make portion or extract from AD available to client provided such disclosure does not undermine the validity or work performed, independence of auditor, or confidentiality