Final step in the evaluation process record all the significant findings or issues in an engagement

completion document

Significant findings or issues

Information necessary to understand the significant findings or issues
Cross-references
Conclusions

PSA 230 Audit Documentation

- Standards and guidance regarding audit documentation in the context of the audit of the
financial statements
- Prepare on a timely basis, audit documentation that provides:
a. Sufficient and appropriate record of the basis for the auditors report
b. Evidence that the audit was performed in accordance with PSAs and applicable legal and
regulatory requirements

PSA 260 Communication with Those Charged with Governance

- Auditor should communicate on a timely basis with those charged with governance the
responsibilities of the auditor in relation to the FS audit, including that:
a. The auditor is responsible for forming and expressing an opinion to the FS that have been
prepared by management with the oversight of those charged with governance
b. The audit of the FS does not relieve management or those charged with governance of their
responsibilities

Audit working papers- records kept by the auditor of the procedures applied, the tests performed, the
information obtained and the pertinent conclusions reached in the engagement; represents
documentation of audit evidence collected and evaluated

Primary objective of audit documentation preparing sufficient and appropriate audit documentation
on a timely basis to help enhance the quality of audit and to facilitate the effective review and
evaluation of the audit evidence obtained and conclusions reached before the auditors report is
finalized.

Documentation prepared at the time the work is performed likely to be more accurate than
documentation prepared subsequently

Audit documentation that is sufficient to enable an experienced auditor, having no previous connection
with the audit, to understand:

a. The nature, timing, and extent of the audit procedures performed to comply with the PSAs and
applicable legal and regulatory requirements
b. The results of the audit procedures performed, and the audit evidence obtained
c. Significant matters arising during the audit, the conclusions reached thereon, and significant
professional judgments made in reaching those conclusions

The form, content and extent of audit documentation depend on factors such as:

The size and complexity of the entity

 The nature of audit procedures to be performed
The identified risks of material misstatement
The significance of the audit evidence obtained
The nature and extent of exceptions identified
The need to document a conclusion or the basis for a conclusion not readily determinable from
the documentation of the work performed or audit evidence obtained
The audit methodology and tools used

In documenting the NTE of audit procedures performed, the auditor shall record:

a. The identifying characteristics of the specific items or mattered tested

b. Who performed the audit work and the date such work was completed
c. Who reviewed the audit work performed and the date and extent of such review

Auditor shall assemble audit documentation in audit file and complete administrative process of
assembling final audit file on a timely basis after the date of the auditors report.

After assembly of final audit file, auditor shall not delete or discard audit documentation of any nature
before the end of its retention period.

Where the auditor finds it necessary to modify existing audit documentation or add new audit
documentation after assembly of final audit file has been completed, auditor shall, regardless of
modification, document:

a. Specific reasons for making them

b. When and by whom they were made and reviewed.

Hi!!! Comprehensive ra kayo ni. Murag whole book, ikaw nay bahala pagpagamay kay ako mn (dw) ni
isulti tanan (as if)