What is an audit documentation?

Audit documentation is the written record of the basis for the auditor’s conclusions that provides the support for the auditor’s representations, whether those representations are contained in the auditor’s report or otherwise. Audit documentation also may be referred to as work papers or working papers .

What is an audit planning document?

1 The audit plan converts the audit strategy into a more detailed plan and includes the nature, timing and extent of audit procedures to be performed by engagement team members in order to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level.

What is the difference between audit Programme and audit planning?

An audit plan is nothing but a first and foremost principle of the audit. Conversely, audit programme is a series of examination and verification steps. The audit plan is designed by the auditor first, after which a comprehensive audit programme comprising various steps is created.

What is the difference between the audit strategy and the audit plan?

The audit strategy sets out in general terms how the audit is to be conducted and sets the scope, timing and direction of the audit. The audit strategy then guides the development of the audit plan, which contains the detailed responses to the auditor’s risk assessment.

What is audit evidence and documentation?

Audit evidence refers to Information used by the auditor in arriving at the conclusions on which the auditor’s opinion is based. Among other things, audit documentation includes records of the planning and performance of the work, the procedures performed, evidence obtained, and conclusions reached by the auditor.

What are the types of audit planning?

tax planning.

system design and integration.

internal reporting.

risk assessment.

benchmarking.

electronic commerce.

What are the audit planning procedures?

Audit Process

• Step 1: Planning. The auditor will review prior audits in your area and professional literature.
• Step 2: Notification.
• Step 3: Opening Meeting.
• Step 4: Fieldwork.
• Step 5: Report Drafting.
• Step 6: Management Response.
• Step 7: Closing Meeting.
• Step 8: Final Audit Report Distribution.

What is the relationship between audit planning and audit risk?

The auditor will spend quite a bit of time at the early planning stages obtaining information to assess these risks so that “the engagement is performed in an effective manner”. “Audit risk” is the risk that an auditor may give an inappropriate audit opinion on financial statements that are materially misstated.

What is the difference between a plan and a program?

As nouns the difference between plan and program is that plan is a drawing showing technical details of a building, machine, etc, with unwanted details omitted, and often using symbols rather than detailed drawing to represent doors, valves, etc while program is a set of structured activities.

What are the functions of audit documentation?

Audit documentation also facilitates the planning, performance, and supervision of the engagement, and is the basis for the review of the quality of the work because it provides the reviewer with written documentation of the evidence supporting the auditor’s significant conclusions.

What are the documents needed for auditing?

Let’s have a look at the documents that may be required during an audit.

• Reports on the Payroll.
• List of All the Bank Accounts Used.
• List and Evidence of all the Transactions.
• The General Ledger.
• Trial Balance of the Company.
• Copies of all legal documents.
• Confirmations.
• Schedules.

What is the difference between an audit plan and strategy document?

The audit plan is much more detailed than the strategy document, since the plan states the nature, timing, and extent of the specific audit procedures to be conducted.

What is audit planning and why is it important?

Audit planning is a critical part of audit works and performing the correct audit plan could be the factors that lead to the success of audit engagement. The key areas to be included in the plan are: Conducts proper risks assessments including risks of error and fraud Properly assess the resources requirement

What are the different parts of an audit plan?

We divide the audit plan into two main important parts according to the international standard on auditing: Pre-audit activities and Audit Activities. In case you want to discover more, ISA 300 is the standard for the planning of audit engagement for your reference.

Is it time to create the audit plan?

Now it’s time to create the audit plan. The audit plan is the linkage between planning and further audit procedures. What are “further audit procedures”? They are the tactical steps to address risk including substantive procedures and test of controls.