Today's Topic - Describe the concept of Audit Documentation
Revision Series for IPCC audit
Dear IPCC Student,
Exams are approaching.
Time to revise is reducing.
Are you worrying about How to revise the whole syllabus in last 15 days?
We have a Solution-
You concentrate on the subjects which you consider vast to revise, & we’ll provide you the revision for Audit.
For these last 15 days, we’ll provide you one topic every day to revise & the manner in which you are required to write the answer.
If you want the discussion on any specific topic, you can mail us & we’ll provide you the tips for the same to revise & remember it fast.
For last hour revision of other topics & To revise the whole syllabus in just 5-6 hours, refer to the Book “Revision Series for IPCC - Audit, by CA Gunja Maheshwari”.
About the Book –
· Covers all points mentioned in the Syllabus as prescribed by ICAI
· Judicious use of Flowcharts for explaining the concept
· Easy language to understand, revise & remember the topic fast.
· Require only 5-6 hours to revise the whole Syllabus of Audit.
Today’s Topic –
Describe the concept of Audit Documentation
(As now, you have got the idea of how to proceed to write the answer for different marks, we’ll now provide answers only for an 8 marks Q, which you can short out yourself if the same asked for less marks)
According to SA 230 ‘Audit Documentation’, Audit Documentation refers to Record of Audit Procedure performed, relevant Audit Evidence obtained & reached at conclusions.
Auditor is required to prepare sufficient appropriate Audit Documentation of records on basis of Auditor’s Report stating that Audit was performed in accordance with Standards of Auditing/ applicable Legal & Regulatory requirements.
Nature & Purpose of Audit Documentation :-
o It acts as an Evidence of achievement of Auditor Objective & that Audit was planned.
o It Assist Auditor in Planning & performing audit.
o Assist is Direction & Supervision.
o Help to Establishing Accountability of Team.
o Acts as Sufficient & Appropriate Records for future Audits.
o Help to perform Quality Control Review & External Inspection.
o It is an evidence that the Audit was planned & in accordance with SA’s and applicable Legal & Regulatory requirements.
Form & Content of Audit Documentation:- Should enable Auditor, having no previous connection with Audit, to understand :-
o Nature, timing & extent of Audit Procedure to comply with SA’s and Legal requirements.
o Results of Audit Procedure.
o Significant Matters /Judgments –discussed with Management.
o Specific items/ matters tested.
o Who performed or reviewed Audit work & date of completions.
Departure from relevant requirement :-
o Auditor needs to document the reasons for departure.
After assembling all Audit Documentations & assembly of Final Audit Report -Auditor shall not delete/discard any audit documentation of any nature - unless it is necessary & thus document the specific reasons.
The minimum period of retention of engagement documentations is = 10 years.
Ownership of the audit engagement documents remain with the Auditor, unless otherwise specified by the law or regulation
(If you remember the SA number or name than only mention, don’t mention the wrong number; in that case just mention the concept as according to the standards of auditing.
Firstly explain the meaning according the related SA, than explain the meaning in general and then give all the details regarding the topic.)
Best Wishes,
‘Revision Series for IPCC’ Team
Revision Series for IPCC audit
Revision Series for IPCC audit
Revision Series for IPCC audit
Dear IPCC Student,
Exams are approaching.
Time to revise is reducing.
Are you worrying about How to revise the whole syllabus in last 15 days?
We have a Solution-
You concentrate on the subjects which you consider vast to revise, & we’ll provide you the revision for Audit.
For these last 15 days, we’ll provide you few topics every day to revise & the manner in which you are required to write the answer.