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Chapter 10 - Documentation

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Chapter 10 - Documentation

Uploaded by

Lê Ngọc Vân Nhi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 19

CHAPTER 10

Documentation

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Learning outcomes

Students will be able to:


- Understand the nature of working papers
- Understand the form and content of working papers
- Understand why assurance providers record their work
- Understand why and how assurance keep these record

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Topic list

1. Purpose of documentation
2. Form and content of documentation
3. Safe custody and retention of documentation
4. Ownership of and right of access to documentation

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1. Purpose of documentation

Assurance providers record their work to:


 Assist the audit team to plan and perform the audit.
 Enable the audit team to be accountable for its work (and to prove adherence to ISAs in
a litigious situation)
 Retain a record of matters of continuing significance to future audits.
 Enable an experienced auditor to carry out quality control reviews.
 Enable an experienced auditor to conduct external inspections in accordance with
applicable legal, regulatory or other requirements.

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1. Purpose of documentation (cont)

Auditor may find it helpful to include in the audit documentation


a summary of all significant matters arising during the audit and
how these were addressed.

This summary will facilitate effective and efficient reviews of the


audit documentation, help the year’s review process.

Additionally, it may assist the auditor’s consideration of


significant matters and help the auditor to consider if any
individual ISA objectives have not been met.
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2. Form and content of documentation

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2. Form and content of documentation (cont)

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2. Form and content of documentation (cont)

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2. Form and content of documentation (cont)

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2. Form and content of documentation (cont)

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2. Form and content of documentation

2.1 Automated and electronic working papers


The advantages of automated working papers are:
 The risk of errors is reduced.
 The working papers are neater and easier to review.
 The time saved is substantial as adjustment can be made easily
to all working papers, including working papers summarizing the
key analytical information.
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2. Form and content of documentation (cont)

2.2 Filing working papers


Working papers may be split between permanent and current
audit files.

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2. Form and content of documentation (cont)

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3. Safe custody and retention of documentation

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3. Safe custody and retention of documentation

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4. Ownership of and right of access to
documentation

Working papers are the property of and belong to the


assurance providers. However, the report becomes the
property of the client once it has been issued.

Information should not be made available to third parties


without the permission of the client. They should obtain client
permission before showing working papers to third parties.

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4. Ownership of and right of access to
documentation

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4. Ownership of and right of access to
documentation

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END OF CHAPTER 10!

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