A3 Documentation

Question 1

Engagement Documentation

Answer 1

These include audit work papers/audit file. They provide evidence of the auditor’s basis for a conclusion about the achievement of objectives in accordance with GAAS.

Question 2

Elements of Sufficient Documentation

Answer 2

There several elements of sufficient appropriate documentation that include Nature extent and time of audit procedures (NET) performed, audit evidence and conclusion.

Question 3

Documentation Holding Period

Answer 3

The final audit documentation file is assembled within 60 days for Nonissuers (Sixty5NON) & 45 days for issuers (Forty5ISSA7).

Question 4

Retention of Engagement Documents

Answer 4

This allows a minimum number of years for kept documents while also complying with applicable legal requirements. Its 5 years for nonissuers and 7 years for issuers.