Audit engagements documentation

Author:Emil CULDA

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DOI:

Keywords:working papers, evidences, materiality, sufficiency, homogeneity, quality assurance

Abstract:
The basic references for the audit documentation are given by ISA 230 – „Documentation”, ISA 500 – „Audit evidences”, ISA 501 – „ Audit Evidence-Additional Considerations for Specific Items”, ISA 505 – „External confirmations”, ISA 520 – „Analytical procedures”, ISA 530 – „ Audit Sampling and Other Means of Testing”.\r\n\r\nThe Minimal audit requirements developed by the CAFR should also be considered. The other standards observance (implementation) complete in a way or another the documentation and come to support the audit opinion (report). \r\n\r\nAccording to ISA 230 (paragraph 3) documentation means the material (working papers) prepared by and for, or obtained and retained by the auditor in connection with the performance of the audit, which may be in the form of data stored on paper, film, electronic media or other media. \r\n\r\nThe audited entity management is responsible for correct presentation of data and information in the financial statements.\r\n\r\nIn order to express an opinion on the client financial statements¸ the auditor collects evidences by making (applying) audit procedures in order to test the management assertions (explicit or implicit representations on observing the accounting rules and ensuring the qualitative characteristics of the financial statements components).

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