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
Process to Adopt Liabilities It is significant that the auditor realises which such liabilities can exist and he should obtain reasonable steps to unearth them whether they ex

Brand Names - Audit Process Few companies in current years have placed valuations on the brand names of the goods such they sell.  On the balance sheet the valuation is shown.

Describe How does the internal audit differ from an external audit? Ans) Internal audit nothing but the checking the product that you formed. External audit is checking you

Provide the data regarding all about auditing of Newspaper agencies

AsList and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and observation? (iii) What is the dif

what is the effect of fraud and error on the financial statement.please I want simple answer

Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu

list four assertions that relate to account balances

Deferred Taxation - Audit Process Deferred Taxation results from the fact such the income tax department require different rules for calculating profits from those used throug

#Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a) S