Current audit file, Auditing

Current Audit File

The current audit file might include inter alia:

a) A copy of the audited financial statements and any report prepared as a result of audit work carried out;

b) An annual audit programme detailing the audit steps to be taken and recording the audit steps carried out;

c) Details of the audit plan, including time budgets, staffing and statement of the scope and level of tests;

d) Schedules showing an analysis of the individual items in the financial statements, the notes thereto and the management's report; the schedules should also show comparative figures and state how the auditor has verified the existence, ownership and the amounts and fairness of the presentation of items in the financial statements has been considered. These schedules should contain the auditor's conclusions, and should be cross referenced to supporting schedules and external documentary evidence, as appropriate;

e) Notes of meetings and all correspondence relating to the audit, including all certificates and other third party audit confirmations;

f) Extracts from meetings of shareholders, management, directors and other relevant bodies;

g) Records of detailed audit tests carried out, the reasons for the timing and level of the test, together with the conclusions drawn from those tests;

h) The information received from the other auditors regarding the financial statements audited by them;

i) Records of queries raised by the auditors and how such queries have been dealt with;

j) A letter or a statement from the management representing that they have supplied the auditors with all the information and explanations relevant to the audit and disclosed in the financial statement all matters required by statute and accounting standards;

k) A review of post balance sheet date events up to the date of signing the audit report;

l) Names and initials of the audit staff;

Posted Date: 12/4/2012 5:20:06 AM | Location : United States







Related Discussions:- Current audit file, Assignment Help, Ask Question on Current audit file, Get Answer, Expert's Help, Current audit file Discussions

Write discussion on Current audit file
Your posts are moderated
Related Questions
Problem 10.42 An investment of $83 generates after-tax cash flows of $49 in Year 1, $67 in Year 2, and $131 in Year 3. The required rate of return is 20 percent. The net presen

History - True and Fair International Standards on Auditing (ISAs) make it quite clear that the terms 'true and fair' and 'present fairly' which are used in audit reports in m

Kelley Brent, CA, is a partner in a one-office CA firm that audits Dane, Inc., a closely held corporation. Kelley''''s sister was recently appointed as the chief financial officer


Debtors - Audit Process Considering that what we have gone by on the other assets the audit work to check the figure of trade debtors should be follows as: 1) Get a schedul

if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?

Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises.  Items of machinery and plant can be numerous mobile

Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment.  Many more business transactions have financ

Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o

Role of Accountant The Accountant's Role Every year a lawyer who such handles client's money is used to created to the Law Society of US a report through a qualified accoun