Current Audit File

The current audit file might include inter alia:

a) A copy of the audited financial statements and any report prepared as a result of audit work carried out;

b) An annual audit programme detailing the audit steps to be taken and recording the audit steps carried out;

c) Details of the audit plan, including time budgets, staffing and statement of the scope and level of tests;

d) Schedules showing an analysis of the individual items in the financial statements, the notes thereto and the management's report; the schedules should also show comparative figures and state how the auditor has verified the existence, ownership and the amounts and fairness of the presentation of items in the financial statements has been considered. These schedules should contain the auditor's conclusions, and should be cross referenced to supporting schedules and external documentary evidence, as appropriate;

e) Notes of meetings and all correspondence relating to the audit, including all certificates and other third party audit confirmations;

f) Extracts from meetings of shareholders, management, directors and other relevant bodies;

g) Records of detailed audit tests carried out, the reasons for the timing and level of the test, together with the conclusions drawn from those tests;

h) The information received from the other auditors regarding the financial statements audited by them;

i) Records of queries raised by the auditors and how such queries have been dealt with;

j) A letter or a statement from the management representing that they have supplied the auditors with all the information and explanations relevant to the audit and disclosed in the financial statement all matters required by statute and accounting standards;

k) A review of post balance sheet date events up to the date of signing the audit report;

l) Names and initials of the audit staff;