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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 230 Audit Documentation

AU-C Original Pronouncements

Sources Statements on Auditing Standards (SASs) 122, 123, and 128.

AU-C 230 Definitions of Terms

Source: AU-C 230.06

  1. Audit documentation. The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as working papers or workpapers are also sometimes used).
  2. Audit file. One or more folders or other storage media, in physical or electronic form, containing the records that constitute the audit documentation for a specific engagement.
  3. Documentation completion date. The date, no later than 60 days following the report release date, on which the auditor has assembled for retention a complete and final set of documentation in an audit file.
  4. Experienced auditor. An individual (whether internal or external to the firm) who has practical audit experience and a reasonable understanding of:
    1. Audit processes;
    2. GAAS and applicable legal and regulatory requirements;
    3. The business environment in which the entity operates; and
    4. Auditing and financial reporting issues relevant to the entity's industry.
  5. Report release date. The date the auditor grants the entity permission to use the auditor's report in connection with the financial statements.

Objective of AU-C Section 230

AU-C Section 230.05 states that:

…the objective of the auditor is to prepare documentation that provides

  1. a sufficient and appropriate record of the basis for the auditor's report; and
  2. evidence that ...
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Publisher Resources

ISBN: 9781119396482Purchase book