Scope of this Auditing Standard
This Auditing Standard deals with the auditor’s responsibility to prepare audit documentation for an audit of a financial report. Appendix 1 lists other Auditing Standards that contain specific documentation requirements and guidance. The specific documentation requirements of other Auditing Standards do not limit the application of this Auditing Standard. Law or regulation may establish additional documentation requirements.
Nature and Purpose of Audit Documentation
Audit documentation that meets the requirements of this Auditing Standard and the specific documentation requirements of other relevant Australian Auditing Standards provides:
- Evidence of the auditor’s basis for a conclusion about the achievement of the overall objective of the auditor; and
- Evidence that the audit was planned and performed in accordance with Australian Auditing Standards and applicable legal and regulatory requirements.
Audit documentation serves a number of additional purposes, including the following:
- Assisting the engagement team to plan and perform the audit.
- Assisting members of the engagement team responsible for supervision to direct and supervise the audit work, and to discharge their review responsibilities in accordance with ASA 220.
- Enabling the engagement team to be accountable for its work.
- Retaining a record of matters of continuing significance to future audits.
- Enabling the conduct of quality control reviews and inspections in accordance with ASQC 1.,
- Enabling the conduct of external inspections in accordance with applicable legal, regulatory or other requirements.
See ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards, paragraph 11.
See ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information, paragraphs 15-17.
[Footnote deleted by the AUASB.]
[Deleted by the AUASB. Refer Aus 0.3]