What is Audit documentation?
In short
Audit documentation is the record of the procedures performed, the evidence obtained and the conclusions reached, detailed enough for an experienced auditor with no connection to the audit to understand it.
Key takeaways
- For audits of private companies, the final file is assembled within 60 days after the report release date and kept for at least five years.
- For public company audits under Public Company Accounting Oversight Board (PCAOB) standards, the periods are 45 days and seven years.
- Changes after assembly must be documented with who made them, when and why.
Where it's tested
AUD: Written Representations & Completing the Audit — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Management refuses to sign the written representation letter at the conclusion of the audit. What is the appropriate response?