Permanent audit file, Auditing

Permanent Audit File

The permanent audit file might involve, inter alia:

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

b) Other important legal documents and agreements;

c) Expiation of the business, its operations, together along with the address of its locations.  This section might involve details of particular matters concern to the industry also or activity where the enterprise is included and that might affect the audit;

d) An organization of association chart displaying the top the division of responsibilities and management functions;

e) Information of accounting of the system, involving, details of computer applications where appropriate,;

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

g) A letter of engagement explaining the auditor's understanding of the work being performed and his responsibilities, together along with confirmation from the client which the letter set out the position such as the client understands it also;

h) Association to or notes of discussions along with the client on the internal control subjects;

i) In the case of collection companies details of all companies in the collection including addresses and names of the subsidiaries of the auditors; this section may contain a record of all information also that relating to other auditors on whose work reliance is placed about the purpose of the audit of collection accounts;

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

k) A reasoned explanation of the audit approach adopted;

l) Information of important issues arising from all audit, and a record of what such decisions were taken and how that they were arrived on.

Posted Date: 1/25/2013 12:28:15 AM | Location : United States

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