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Audit working papers are the property of the auditor. In order to keep professional ethic , it cannot reveal to third parties without client consent unless limited specified situations mentioned in ISA 230 Documentation and required by law , the examples are court order , for public interest and so on.
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.
Audit evidence collection is also being improved through audit data analytics, which also provide the auditor the ability to view the entire population of data, rather than just a sample. [4] Viewing greater amounts of data leads to a more efficient audit and a greater understanding of the audit evidence.
The working papers are the property of the accounting firm conducting the audit. These papers are formally referred to as audit documentation or sometimes as the audit file. The documents serve as proof of audit procedures performed, evidence obtained and the conclusion or opinion the auditor reached.
An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure. The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrity , and operating effectively to achieve the organization's ...
Audit Sampling full-text: June 1981 40: Supplementary Mineral Reserve Information full-text: February 1982 41: Working Papers full-text: April 1982 42: Reporting on Condensed Financial Statements and Selected Financial Data full-text: September 1982 43: Omnibus Statement on Auditing Standards full-text: August 1982 44
For example, if the year-end is 31 December, the hard close may provide the auditors with figures as at 30 November. The auditors would audit income/expense movements between 1 January and 30 November, so that after year end, it is only necessary for them to audit the December income/expense movements and 31 December balance sheet.
Most importantly, due to the format of state and local government financial statements under GAAP, the AICPA Audit Guide for State and Local Governments requires auditors to consider materiality by "opinion unit" rather than for the financial statements taken as a whole. The Guide defines opinion units as follows: