Auditing Standards 230 Audit Documentation Super Summary in 1 Page
1. Purpose: “The auditor should document matters which are important in providing evidence that the audit was carried out in accordance with the basic principlesgoverning audit.”
2. Meaning: Documentation, for purposes of this Statement, refers to the working papers.
3. The main functions of working papers:
a. To help in the planning and performance of the audit.
b. To help in the supervision and review of the audit work.
c. Provide evidence of the audit work performed to support the auditor’s opinion.
4. Form and Content.
5. Completeness: Working papers should be sufficiently complete and detailed .
6. Extent of documentation: Is a matter of professional judgment
7. Material items: All significant matters, which require the exercise of judgment, together with the auditor’s conclusion thereon, should be included in the working papers.
8. In case of recurring audits: Working paper files may be classified as permanent audit files, and current audit files
9. Property of auditor: Working papers are the property of the auditor. The auditor may, at his discretion, permit to take xerox from his working papers to his client.