Audit Documentation

Question 1

audit documentation

Answer 1

record of audit procedures performed, relevant audit evidence obtained, and conclusions reached. aka working papers

Question 2

auditor objective

Answer 2

a sufficient and appropriate record of the basis of the audit report

evidence that the audit was planned and performed in accordance with gass and applicable regulatory requirements

Question 3

ownership______even though there is a lot of company specific material. must restrict access

composition of audit___

Answer 3

belongs to the auditor

varies

Question 4

should prepare documentation so that an _______auditor can get a clear understanding

Answer 4

experienced

Question 5

should include______of significant contracts

should ____specific items tested. ex all accounts over 10k, instead of listing all accounts over 10k

Answer 5

abstracts or copies

identify

Question 6

need to document

Answer 6

significant matters about acc principles

difficulties in applying audit procedures

indications of possible material misstatements

findings that can modify the audit report

proposed audit adjustments

contradictory things to audit conclusions and corroborates

working papers should identify preparer and reviewer

departures from presumptive mandatory requirement

report report relate date- date auditor grants to the entity to release the audit report on the audited f/s

Question 7

requires the auditor to complete the final audit engagement file with in____days.

aicpa

pcaob

Answer 7

60 days

45 days

Question 8

after doc completion date the auditor cannot _____

Answer 8

delete any documentation
they can add additional info if the addition is documented.
this is suspicious though so it’s not recommended

Question 9

doc retention requirements

aicpa

pcaob

Answer 9

5 years after report release date

7 years after report release date