Permanent audit file, Auditing

Permanent Audit File

The permanent audit file might include, inter alia:

a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterprise's existence;

b) Other important legal documents and agreements;

c) Description of the business, its operations, together with the address of its locations. This section might also include details of specific matters relating to the industry or activity in which the enterprise is involved and which might affect the audit;

d) An organization chart showing the (top) management functions and the division of responsibilities;

e) Details of the system of accounting, including, where applicable, details of computer applications;

f) An internal control questionnaire, memorandum or other means of assessing the adequacy of the internal control system, including those areas where information is processed by means of a computer;

g) A letter of engagement defining the auditor's understanding of the work to be performed and his responsibilities, together with confirmation from the client that the letter set out the position as the client also understands it;

h) Correspondence, or notes of discussions with the client on internal control matters;

i) In the case of group companies details of all companies in the group including names and addresses of the auditors of the subsidiaries; this section might also contain a record of all information concerning other auditors on whose work reliance is placed for the purpose of the audit of group accounts;

j) The principal accounting policies followed, key ratios, history of capital, profits and reserves;

k) A reasoned description of the audit approach adopted;

l) Details of important matters arising from each audit, and a record of what decisions were taken and how they were arrived at.

Posted Date: 12/4/2012 5:18:38 AM | Location : United States







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

Write discussion on Permanent audit file
Your posts are moderated
Related Questions
Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro

Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o

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

Beneficial Ownership and Existence Existence Existence of buildings and Land is not hard to display. You may even be sitting in such building.  Conversely, the audito

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f

Authoritative Document is IAS 17 Leases The suitable technique of amortization or depreciation to require in the case of leasehold property and freehold buildings is straight-

INDEPENDENT AUDITORS' REPORT Board of Directors Los Angeles County Fair Association Pomona, California We have audited the accompanying consolidated statements of financial posi

You are the auditor of ABC Company and the audit process is almost complete. The audit report is due to be signed next week. However, the following additional information on two ma

IAS 12 Income Taxes 1AS 12 needs a deferred tax liability should be well known for all taxable temporary difference with minor exceptions as goodwill that is not allowable for

#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