Updated: Dec 28, 2022
Sufficient audit documentation is required to enable an experienced auditor, having no previous connection with the audit, to understand:
The nature, timing, and extent of the audit procedures performed;
The results of performing those procedures and the audit evidence obtained; and
Significant matters arising during the audit, the conclusions reached thereon; and significant professional judgments made in reaching those conclusions.
Audit documentation for a smaller entity is generally less extensive than that for the audit of a larger entity.
For example, various aspects of the audit could be recorded together in a single document, with cross-references to supporting working papers, as appropriate.
It is not necessary for the auditor to document:
Every minor matter considered, or every professional judgment made, in an audit; and
Compliance with matters for which compliance is demonstrated by documents included within the audit file. For example, an audit plan on file demonstrates that the audit was planned, and a signed engagement letter demonstrates that the auditor has agreed to the terms of the audit engagement.
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