Recording the audit - isa 230, Auditing

Recording the Audit - ISA 230

Purpose of working papers

It is necessary which all audit work is documented - the working papers are the tangible evidence of the work complete in support of the audit thought.

The ISA identifies the reasons about preparing audit working follows as:

a) The reporting partner uses to be capable to satisfy himself which work delegated through him has been correctly performed.  The reporting partner can individually only do this through having obtainable to him detailed working papers prepared through the audit staff that such performed the work.

b) Working papers give for future reference, details of problems encountered, together along with evidence of work performed and result drawn there from in arriving on the audit thought.

c) The working papers preparation of encourages such the auditor to adopt a methodical approach.

The exact form which working papers may take cannot be prescribed each firm will include its own disciplines.  However form the papers take, whatever, they must realize the main objectives set out over.

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

Related Discussions:- Recording the audit - isa 230, Assignment Help, Ask Question on Recording the audit - isa 230, Get Answer, Expert's Help, Recording the audit - isa 230 Discussions

Write discussion on Recording the audit - isa 230
Your posts are moderated
Related Questions
The first work you do in IDEA IS SECTION 2.5. The accounts receivable folder that you are instructed to select on page 25 is a folder that you are to create previously on page 23.

Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have

Required: Describe a complete audit program for collecting relevant evidence for the audit of the estimated warranty liability. Approach: Develop specific assertions related to

Plant and Machinery - Valuation and Authorization Valuation Valuation is at depreciated historic costs.  Auditor's duty is to make sure that the accounting policy for dep

Building Societies - Specialized Audit Situation Building Societies are organisations that exist to offer a savings and investment intermediate to the public and to lend to pe

Beneficial Ownership - Audit Process We have to examine documents of title as e.g. title motor vehicles, deeds and log books.  Whether there are no implied ownership can suffi

Verification Procedures - Long-Term Liabilities a) Received a schedule detailing the sums due at the starting of the year, redemptions and additions and the sum due at the yea

Cost and Authorization - Auditing Process The cost of building and land acquired while the year should be vouched to suitable documentation.These are contract of sale, surveyo

Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is