Audit standards of proper documentation Discuss the audit standards that must be applied to the auditor's documentation. Give five examples the types of documentation will be found in the audit work papers
Auditing standards require that the auditor obtains sufficient appropriate evidence before issuing an opinion, and requires auditors to document (and retain such documentation for at least seven years) that evidence and judgments based upon it.
Pursuant to all of these requirements, audit work papers will include such items as:
1 . Evidence of planning such as the planning memo, risk assessments and the audit program.
2 . Evidence of the auditor's understanding and assessment of internal control over the client organization.
3 . The client's trial balance and proposed audit adjustments.
4 . Copies of certain internal and external documents such as letters of communication with the client and returned confirmations.
5 . Audit memoranda documenting the testing process, auditor reasoning and conclusions.
6 . Results of analytical procedures and audit testing.
7 . Auditor generated analysis of account balances such as the allowance for doubtful accounts.
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