Audit Documentation

Question 1

Audit documentation should be prepared so that an experienced auditor, with no previous knowledge of the audit, can sufficient understand the following…

Answer 1

• The nature, timing and extent of audit procedures performed to comply with ISAs and applicable legal & regulatory requirements.
• Results of audit procedures & audit evidence obtained.
• Significant matters arising during the audit and conclusions thereon and significant professional judgements made in reaching those conclusions.

Question 2

Documentation prepared at the time of work is likely to be more ___ than if it was prepared subsequently.

Answer 2

• More accurate
• Provide a more coherent narrative

Question 3

What is an EGA?

Answer 3

Evidence gathering activity.

Question 4

What are the three parts of an EGA?

Answer 4

• A workpaper
• A wizard (which includes templates and forms)
• The Linked Items pane