Audit Documentation and Communication with TCWG

Question 1

2 Main Purpose of Audit Documentation

Answer 1

1. To support audit report
2. To support compliance with PSA and other requirements

Question 2

Normal Content of an Audit Documentation

Answer 2

1. Audit procedures performed
2. Audit evidence obtained
3. Conclusions reached

Question 3

If you will make audit documentation, what is the mindset?

Answer 3

enable an experienced auditor to understand

Question 4

Assembly of Final Audit File

Answer 4

within 60 days from date of auditor’s report

Question 5

Who is the owner of the working paper?

Answer 5

Auditor

Question 6

Retention Period of Working Paper

Answer 6

PSA - minimum 5 years from auditor’s report
SEC - minimum 10 years

Question 7

Matters to be Communicated with TCWG

Answer 7

auditor independence

Question 8

What to do if the matters are communicated through written?

Answer 8

obtain a copy of the communication as part of working paper