![]() The auditor must prepare audit documentation in connection with each engagement conducted pursuant to the standards of the PCAOB. Audit documentation should be prepared in sufficient detail Others, including advisors engaged by the audit committee or representatives of a party to an acquisition.Ĥ.Internal and external inspection teams that review documentation to assess audit quality and compliance with auditing and related professional practice standards applicable laws, rules, and regulations and the auditor's own quality control policies.A successor auditor who reviews a predecessor auditor's audit documentation.Engagement supervisors and engagement quality reviewers who review documentation to understand how the engagement team reached significant conclusions and whether there is adequate evidential support for those conclusions.Supervisory personnel who review documentation prepared by other members of the engagement team.Auditors who are new to an engagement and review the prior year's documentation to understand the work performed as an aid in planning and performing the current engagement.Audit documentation is reviewed by members of the engagement team performing the work and might be reviewed by others. Reviewers might include, for example: Note: An auditor's representations to a company's board of directors or audit committee, stockholders, investors, or other interested parties are usually included in the auditor's report accompanying the financial statements of the company. TheĪuditor also might make oral representations to the company or others, either on a voluntary basis or if necessary to comply with professional standards, including in connection with an engagement for which an auditor's report is not issued. ForĮxample, although an auditor might not issue a report in connection with an engagement to review interim financial information, he or she ordinarily would make oral representations about the results of the review.ģ. Of the evidence supporting the auditor's significant conclusions. Among other things, audit documentation includes records of the planning and performance of the work, the procedures performed, evidence obtained, and conclusions reached by theĪuditor. Audit documentation also may be referred to as work papers or working papers. The auditor's report or otherwise. Audit documentation also facilitates the planning, performance, and supervision of the engagement, and is the basis for the review of the quality of the work because it provides the reviewer with written documentation Audit documentation is the written record of the basis for the auditor's conclusions that provides the support for the auditor's representations, whether those representations are contained in Specific documentation requirements of other standards of the PCAOB. This standard establishes general requirements for documentation the auditor should prepare and retain in connection with engagements conducted pursuant to the standards of the PublicĬompany Accounting Oversight Board ("PCAOB"). Such engagements include an audit of financial statements, an audit of internal control over financial reporting, and a review of interim financial information. This standard does not replace Appendix A Background and Basis for Conclusionsġ.(14 - 20) Retention of and Subsequent Changes to Audit Documentation.(10 - 13) Documentation of Specific Matters.(4 - 9) Audit Documentation Requirement.(2 - 3) Objectives of Audit Documentation. ![]() ![]() Of the PCAOB, including reviews of interim financial information, this standard takes effect beginning with the first quarter ending after the first financial statement audit covered by this standard. For other engagements conducted pursuant to the standards 9339, Auditing Interpretations of Section 339 Effective Date: For audits of financial statements, which may include an audit of internal control over financial reporting, with respect to fiscal years ending on or after November 15, 2004. Small Business and Broker-Dealer Forums.PCAOB International Institute on Audit Regulation.Conference on Auditing and Capital Markets.Information for Auditors of Broker-Dealers.The International Forum of Independent Audit Regulators and Other International Organizations.Audit Reports Issued by PCAOB-Registered Firms Located Where Authorities Deny Access to Conduct Inspections.Board Determinations Under the Holding Foreign Companies Accountable Act. ![]()
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