Documentation Flashcards
1
Q
Documentation
A
supports auditors opinion (Not client’s financial statements)
2
Q
Workpapers
A
belong to auditor
may not disclose without clients permission or court order
3
Q
Workpapers should support
A
- nature, extent, and timing of the audit procedures performed
- results
- findings or issues
- conclusions
- findings of inconsistency
4
Q
Report Release Date
A
date on which the auditor grants the client permission to use the report
5
Q
Keep work papers how many years?
A
SAS Rules (nonissuer) - 5 years PCAOB Rules (Issuer) - 7 years
6
Q
Documentation Completion Date
A
grace period to continue documentation after report release date
- SAS Rules (nonissuer) - 60 days
- PCAOB Rules (issuer) - 45 days
