Topic 7- Documenting And Reporting Flashcards
1
Q
What is the purpose of audit documentation?
A
It is a record of procedures performed, relevant evidence obtained and conclusions reached
2
Q
How long does the ICAEW state that you should retain audit working papers for?
A
At least six years from the year end they relate
3
Q
What is a letter of representation?
A
A letter from management of the client to the auditors outlining their responsibilities. For example that they have provided the auditor with all documents.
4
Q
What is an audit report?
A
Gives the overall audit opinion
