What are the matters included in the current audit file and permanent audit file?
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Syllabus B6h)Describe the form and contents of working papers and supporting documentation. Show
All documentation should be retained in an audit fileThe audit file will follow the structure below:
Auditors must document
Discussion of all significant matters with management must also be documented Types of Audit DocumentationIncludes
Permanent and current audit filesPermanent audit files contain information of continuing importance to the audit. The permanent file will include
This audio is hosted on a service that uses preferencestracking cookies. These cookies are currently disabled - to listen to this audio, you will need to consent to and re-enable preferences cookies in your Cookie Settings Enable all cookies Current audit filescontain information which is relevant to the current year's audit. They contain:
Current audit files also contain working papers covering each audit areaThese should include the following:
May 14, 2022/ Steven Bragg
A permanent file is a set of records that serves as an ongoing reference for an organization's external auditors. The information in the file is intended to be accessed repeatedly in successive audits to assist the audit team in the conduct of their tasks. The file may contain the following documents: Accounting policies Articles of incorporation Bylaws Chart of accounts Director list History of the client organization Internal controls documentation Organization chart Prior year's audit report In the case of recurring audits, some working paper files may be classified as permanent audit files which are updated currently with information of continuing importance to succeeding audit, as distinct from current audit files which contain information relating primarily to the audit of a single period. A permanent audit file normally includes :
The current file normally includes :
Which is included in the permanent audit file?The file may contain the following documents:. Accounting policies.. Articles of incorporation.. Bylaws.. Chart of accounts.. Director list.. History of the client organization.. Internal controls documentation.. Organization chart.. What are the matters included in the audit planning?Typically an audit plan will include sections dealing with business understanding, risk assessment procedures, planned audit procedures ie the responses to the risks identified and other mandatory audit procedures. The audit strategy and audit plan are not fixed once the planning stage of the audit is complete.
Why does the auditor not include the contents of the permanent file with the current year's audit file?Why does the auditor not include the contents of the permanent file with the current year's audit file? By separating this information from the current year's audit files, it becomes easily accessible for the following year's auditors to obtain permanent file data.
Which two of the working papers include in the permanent audit file?Contents of Permanent Audit File
A permanent audit file contains information on the following: The legal and organizational framework of the client's entity, for example, the Memorandum of Association (MOA) and Articles of Association (AOA) in the case of a company.
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