Day: December 15, 2021

Working papers should record the audit plan, nature, timing and extent of auditing procedures performed, and the conclusions drawn from the evidence obtained. The form and content of working papers are affected by matters such as : Nature of the Read More …

The audit working papers constitute the link between the auditor’s report and the client’s records. Documentation is one of the basic principles listed in AAS 1. According to AAS 3 (reproduced in Appendix I), documentation refers to working papers prepared Read More …

The auditor must gather sufficient competent evidential matter as a basis for forming his opinion on :  the truth and fairness of the accounts and also their compliance with the provisions of the related laws, rules and regulations;  the proper Read More …

As stated in the previous chapter, materiality is an important consideration for an auditor to evaluate whether the financial statements reflect a true or fair view or not. AAS 13 on “Audit Materiality” requires that an auditor should consider materiality Read More …

Final or Completed or Periodical Audit : A final or completed audit is commonly understood to be an audit which does not begin until the books have closed at the end of the accounting period and thereafter is carried on Read More …

In order than an audit may be carried out in a systematic and efficient manner, the following steps should be taken : (1) Work must be carried on regularly and record kept of time of arrival/departure of the staff and Read More …

It provides the assistant carrying out the audit with total and clear set of instructions of the work generally to be done.  It is essential, particularly for major audits, to provide a total perspective of the work to be performed. Read More …

It is desirable that in respect of each audit and more particularly for bigger audits an audit programme should be drawn up. Audit programme is nothing but a list of examination and verification steps to be applied set out in Read More …

The auditor should prepare a written audit programme setting forth the procedures that are needed to implement the audit plan. The programme may also contain the audit objectives for each area and should have sufficient details to serve as a Read More …

The auditor should consider the following matters in developing his overall plan for the expected scope and conduct of the audit :  The terms of his engagement and any statutory responsibilities.  The nature and timing of reports or other communication. Read More …