Auditor Documentation Flashcards
1
Q
Techniques of Documentation
A
- Narratives
- Graphics
- Questionnaires
- Checklists
- Electronics
2
Q
How long should the working papers be retained for and why?
A
7 years, as recommended by ACCA. To meet the needs of audit practice and in accordance to legal and professional requirements.
3
Q
What is ISA 230?
A
It sets the general principles. Does not set the minimum or maximum period for for retention or how ownership is determined.
4
Q
Advantage of using standardized working papers
A
Facilitates briefing, delegation, supervision, review and quality control of audit work.
5
Q
Docs under permanent audit file
A
- Letter of Engagement
- Title deeds
- Royalty agreements
- Profits, share options agreements
- Key legal resolutions
- Minutes of important meetings
6
Q
Can the client require the auditor to disclose the working papers to third parties if required?
A
Yes.
