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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.
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.
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory.
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.
Amendment to Statement on Auditing Standards No. 1: Codification of Auditing Standards and Procedures (Due Professional Care in the Performance of Work) full-text: February 2006 105: Amendment to Statement on Auditing Standards No. 95: Generally Accepted Auditing Standards full-text: February 2006 106: Audit Evidence full-text: February 2006 107
The list also includes titles from the earlier series: AICPA Accounting Guides and AICPA Industry Audit Guides. Links to full-text of the Guides are provided for many of the titles prior to 2000. The Comments column provides references to sections of Accounting Standards Codification (ASC) which complement or supersede a particular Audit and ...
It is stated in ISA 315 (paragraph A.124) that the auditor should use assertions for classes of transactions, account balances, and presentation and disclosures in sufficient detail to form a basis for the assessment of risks of material misstatement and the design and performance of further audit procedures.
The success of an audit depends on the thoroughness with which vouching is done. After entering in all vouchers, only then can auditing start. Vouching is defined as the "verification of entries in the books of account by examination of documentary evidence or vouchers, such as invoices , debit and credit notes , statements, receipts, etc.
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