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







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
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.

As a senior in a professional services firm, you have been assigned to plan the financial statement audit of a private company named Toy Local Corporation (TLC). In addition, the p

State the FIVE threats contained within Auditor''s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat.

IAS 40 Investment Properties - Audit Evidence Typical audit evidence might include: Physical verification of the situation and location of the investment property and c

Timing of Tests of Control - AUDITOR should perform tests of controls over a period of time which is adequate to determine whether, as of the date specified in management's report,

Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu

Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r

The Accounting System ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a

Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv

Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated