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The audit working paper are divided into two parts: The first group consists of the current file and second group contains the permanent file. The material relating to the current year only is placed in current file; The data to be used for a number of years placed in permanent file. The auditor can rely on the facts and figures recorded in ...
ISA 230 Audit Documentation is one of the International Standards on Auditing.It serves to direct the documentation of audit working papers in order to assist the audit planning and performance; the supervision and review of the audit work; and the recording of audit evidence resulting from the audit work in order to support the auditor's opinion.
It served to expect the auditors are to have necessary knowledge of the client's business. Even before accepting the audit job, auditor has to make sure if you have sufficient knowledge to perform the audit professionally. ISA 310 points out that the sources of auditors' knowledge are: previous working experience with the entity and its industry.
In the audit planning stage, audit evidence is the information that the auditor considers when determining the most effective and efficient approach for the audit. [8] For example, reliability of internal control procedures, and analytical review systems.
The standard provides examples of conditions that may be identified during the audit that might indicate fraud. One example is management denying the auditors access to key IT operations staff including security, operations, and systems development personnel. The auditors must determine whether the results of their tests affect their assessment.
The examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor. In all matters relating to an assignment, an independence in mental attitude is to be maintained by the auditor or auditors.
Accounting research is carried out both by academic researchers and by practicing accountants.Academic accounting research addresses all areas of the accounting profession, and examines issues using the scientific method; it uses evidence from a wide variety of sources, including financial information, experiments, computer simulations, interviews, surveys, historical records, and ethnography.
Many audit-specific routines are used such as sampling. Provides documentation of each test performed in the software that can be used as documentation in the auditor’s work papers. Audit specialized software may perform the following functions: Data queries. Data stratification. Sample extractions. Missing sequence identification.