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







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