PCAOB on Audit Documentation

Question 1

What is the basic audit documentation requirements?

Answer 1

• Demonstrate compliance with PCAOB standards

- Support basis for the auditors conclusions

Question 2

What must the auditors document

Answer 2

1) Document audit procedures involving inspection of documents
2) All significant finds or issues must be identified in the “engagement completion document”

Question 3

What is the engagement completion document?

Answer 3

Where all significant finds are located?

Question 4

What are the retention requirements for PCAOB audits?

Answer 4

7 years from report release date

Documentation completion date- 45 days after the report release date

Question 5

What are the rules on amending the documents after the completion date?

Answer 5

• No documentation can be deleted

- Documentation can be added