Auditing and Assurance Standard 3

Documentation is the third auditing and assurance standard. In first standard of AAS, there is the rule to make the files of all papers which are needed for auditing. In this standard, all important papers and documents detail are given which are needed for auditing.

We should classify these files into two part. One is permanent file and other is current file. Following 5 documents will keep in the permanent file and next documents will keep in current file.

Following are main working papers and documents which are the must for audit of any company.

1. All Written Audit Plans

When an auditor get the offer to audit the accounts of any company. He has to make its written plan. In this plan, he will write the schedule of verification of assets and liabilities. He will also write the procedure of audit. It may be sample or to check each transaction. All written plan should be keep in a file.

2. Previous years'  Audited Financial Statements Copies

Auditor has to get some knowledge from previous years' audited financial statements. So, he should get its copy and should keep in it  a file.

3. Analysis Report of Important Ratios and Trends

Auditor has to give his own opinion on the financial position of company. For this, he will get the analysis report of important ratios and trends from management. He should also keep it in his records.


4. Copies of all Important Letters Which are Issued by Auditor to Management

Sometime, auditor does not understand the facts and information which are provided by management. For more clarification, he can write letter to management. All letter's copies must be kept in his record.

5. Written Communication Record with the Retiring Auditor

Retiring auditor knows the company more deeply. So, current auditor can get advice from retiring auditor. So, he should keep the written communication with the retiring auditor.

6. Correspondence Relating to Acceptance of Annual Appointment

Auditor should record the correspondence relating to acceptance of his annual appointment.

7. Board Meeting and General Meeting Minutes Copies which are related to Audit

Every discussion of board meeting and general meeting records in minutes. Auditor has right to get the copy of minutes which are relating to audit. Some issues may be discussed with shareholders. Shareholders may vote on some auditing issues. So, auditors should know what are the matter. Its knowledge, he can get from minutes.

8. Analysis of Transactions and Balances

If auditor has made the report after analysis of transactions and ledger balances, he should keep it in the file.

9. Evidence that the Work Performed by Assistants

Some work may be done by his assistants. Assistant should sign on his work. This will be evidence and it should be kept by auditor.

10. Copies of Communication with Other Auditors and Experts

If auditor takes the help of other auditors and experts, he should keep its written copies.


11. Copies of letters or Notes Concerning Audit Matters Discussed with Clients 

If auditor discuss any matter with his clients or clients of company, he should keep its copies in his record.


12. Copies of the Financial information being Reported on and the Related Audit Reports

All the financial information which he has shown in his audit report, should be record its copies in his file.

Auditor is the owner of all these working papers. He will keep it in his custody.

Related : Auditing and Assurance Standard 2

COMMENTS

Comments on this Website
.
Share above Content to Your Friends



Name

access account accountant Accounting accounting definitions accounting ebook Accounting education accounting procedure accounting process outsourcing Accounting Software advance advertising africa Amalgamation amendments announcements Annuity assets audit auditing Australia B.Com. balance sheet bank Bank reconciliation banking basic accounting BBA benefits best bill black money blog bloggers book keeping bookkeeping Branch Accounting - full tutorial budget Budget variance business businessman CA calculator canada capital capital budgeting career cash cash book cash flow statement Chiense children china class coaching coins college commerce commerce students company computer computer accounting conference Contact vinod kumar corporate accounting cost cost accounting cost center cost centre CPA credit credit card cs currency data Debit and credit debit cards debt debtor degree depletion depreciation documents dollar domain Downloads Dubai e-accounting earning education Education Loans email employee EPF ERP euromoney examination excel excise duty expenses facebook factor of loan fans feature fifo FII fiji finacle finance Financial financial accounting fire insurance flickr flow forensic forex formula france fraud free fun function fund GAAP GDP gdr germany gold goodwill goodwill accounting google google apps google apps google base google buzz google calendar Google docs google finance google fusion tables google talk govt. GST guide health Hindi Hindi Language history holding company How to treat FBT in Tally 9 HRA ICAI ICAWI ICICI Bank IFRS income income statement Income Tax India indian railway Indonesia inflation inflation accounting infographics information inspiration insurance insurance accounting interest international Internet Introduction of Tally 9 inventory investment invoice IT Japan Job costing journal entries Kalculate keyboard kindle kuwait laptop law LBT learning lease lecture ledger leducation Leverage Analysis liabilities lifo linkedin loan logical point loss loss of profit M.Com. m.phil malaysia management accounting manual accounting manufacturing account market marketing mastercard material MBA MCA media migration mobile money ms word ms. excel multi currency in tally 9 Multicurrency Accounting mutual fund national security new and sacrifice ratio new york times new zealand news NGO nonprofit-accounting North Georgia Mountains NPV NSE odbc office oman online application online accounting otcei pakistan parents pay pal pdf pie chart pie chart of income pnb podcast ppf presentation price privacy policy prize money prof. vinod kumar profit profit and loss account project management provision purchase puzzles quickbooks Quote quotes quotes of svtuition rating agency ratio analysis RBI readers real estate rectification of errors remote control reports reserves responsibility accounting retirement revenue Revenue reserves review risk rupees salary sale saudi arabia saving sbi scholarship school SEBI security service tax share share trading Shares shri lanka singapore sms social accounting society solution South Africa stock stock exchange structure student students study subsidiary company svtuition swiss bank tally tally 9 Tally 7.2 Tally 9 Tally.ERP 9 tanzania tax Tax Accounting TDS teacher teaching technology test testimonial testimonials thailand tips trading trading on equity transaction trend trial balance tuition twitter UAE UGC - NET Commerce UK United Arab Emirates university usa valuation VAT Video Voucher and vouching wikipedia working capital youtube
false
ltr
item
Accounting Education: Auditing and Assurance Standard 3
Auditing and Assurance Standard 3
http://2.bp.blogspot.com/-Qlep1Epe92M/UlF-BNDiWhI/AAAAAAAAMEg/yX9vixNFI7Q/s200/auditing.PNG
http://2.bp.blogspot.com/-Qlep1Epe92M/UlF-BNDiWhI/AAAAAAAAMEg/yX9vixNFI7Q/s72-c/auditing.PNG
Accounting Education
http://www.svtuition.org/2013/10/auditing-and-assurance-standard-3.html
http://www.svtuition.org/
http://www.svtuition.org/
http://www.svtuition.org/2013/10/auditing-and-assurance-standard-3.html
true
2410664366776677676
UTF-8
Not found any lecture VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES Lectures View All RECOMMENDED FOR YOU Category ARCHIVE SEARCH ALL Lectures Not found any lecture match with your request, please help to write it and send it to our email at vinod@svtuition.org for making this website free accounting and finance encyclopedia. Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock