For the purposes of this Auditing Standard, the following terms have the meanings attributed below:


Audit documentation means the record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as “working papers” or “workpapers” are also sometimes used


Audit file means one or more folders or other storage media, in physical or electronic form, containing the records that comprise the audit documentation for a specific engagement. 


Experienced auditor means an individual (whether internal or external to the firm) who has practical audit experience, and a reasonable understanding of: Audit processes;

  1. Australian Auditing Standards and applicable legal and regulatory requirements;
  2. The business environment in which the entity operates; and
  3. Auditing and financial reporting issues relevant to the entity’s industry.