Audit documentation /purpose/Benefit of audit documentation

 

Audit documentation /purpose/Benefit of audit documentation

 

Audit documentation:-

Audit documentation, also known as audit working paper, is the record of procedures auditors perform, relevant audit evidence obtained during their audit work and the conclusion they form based on the audit evidence gathered. Audit documentation could be stored in the form of paper, electronic or other types of media.

It is important for auditors to have proper documentation of their audit work so that it can be used as evidence of the work done to support the audit opinion they form. It also assists audit team members for the whole audit process, starting from the planning stage until the end of the audit engagement.

 

Purposes of Audit Documentation
1	It provides evidence of auditors’ basis for a conclusion about the achievement of the overall objective.
2	It provides evidence showing that audit work was properly planned and performed in accordance with ISAs and other legal and regulatory requirements.
3	It assists audit team members to plan and perform their audit work in the engagement.
4	It assists audit team members who are responsible for supervision to properly direct, supervise and review audit work, both hot and cold review.
5	It enables audit team members to be accountable for their audit tasks.
6	It allows the record of matters of continuing significance to be retained.
7	It enables the conduct of quality control reviews and inspections (both internal and external).