Question

Audit documentation

Answer 1

Audit Documentation was defined by ISA - 230.

Audit Documentation means - The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached(also called as working papers or workpapers)

Audit Documents were used as a review file for the purpose of expressing opinion on the financial statements. They also acts as Evidence for the work done in case of litigation.

The form, content and extent of audit documentation depend on factors such as:

• The size and complexity of the entity.
• The nature of the audit procedures to be performed.
• The identified risks of material misstatement.
• The significance of the audit evidence obtained.
• The nature and extent of exceptions identified.