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







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Accounting Education: Auditing and Assurance Standard 3
Auditing and Assurance Standard 3
Accounting Education
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