Auditor Documentation

Question 1

Techniques of Documentation

Answer 1

1. Narratives
2. Graphics
3. Questionnaires
4. Checklists
5. Electronics

Question 2

How long should the working papers be retained for and why?

Answer 2

7 years, as recommended by ACCA. To meet the needs of audit practice and in accordance to legal and professional requirements.

Question 3

What is ISA 230?

Answer 3

It sets the general principles. Does not set the minimum or maximum period for for retention or how ownership is determined.

Question 4

Advantage of using standardized working papers

Answer 4

Facilitates briefing, delegation, supervision, review and quality control of audit work.

Question 5

Docs under permanent audit file

Answer 5

1. Letter of Engagement
2. Title deeds
3. Royalty agreements
4. Profits, share options agreements
5. Key legal resolutions
6. Minutes of important meetings

Question 6

Can the client require the auditor to disclose the working papers to third parties if required?

Answer 6

Yes.