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
- 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).
- 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.
- 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.
- Experienced auditor. An individual (whether internal or external to the firm) who has practical audit experience and a reasonable understanding of:
- Audit processes;
- GAAS and applicable legal and regulatory requirements;
- The business environment in which the entity operates; and
- Auditing and financial reporting issues relevant to the entity's industry.
- 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
- a sufficient and appropriate record of the basis for the auditor's report; and
- evidence that ...