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AA syllabus
Importance of Documentation
Documentation provides sufficient records for the basis of the audit report
It also proves that the audit was planned and performed correctly
Documentation enables an experienced auditor
With no previous connection to the audit to understand...
The nature of the audit procedures used
The results and evidence obtained
Significant matters and conclusions
Significant professional judgements
Another way of looking at this:
Audit documentation should:
Repeat
Allow an experienced auditor (with no previous client knowledge) to know exactly what work was performed and what conclusions reached.
Record of:
Nature, timing and extent of the audit procedures performed
Results of procedures
Conclusions drawn
Reasoning
The auditor’s reasoning on all significant, judgemental matters is clear
This may help in a future negligence claim
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Syllabus B6. Audit Planning And Documentation
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Syllabus B6. Audit Planning And Documentation