New Guidance on Audit and Attest Documentation

Topics:
Audits
Tags:
Audit,
Audit Documentation,
Finance,
Financial Accounting,
SAS Institute
Source:
The CPA Journal

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Overview: Statement on Auditing Standards (SAS) 96 expands guidance for audit documentation. In particular, the new SAS identifies six factors that the auditor should consider when determining the quantity, type, and content of audit documentation. The new SAS reiterates that audit documentation serves to provide principal support for the auditor’s report and to demonstrate that the fieldwork standards of planning the audit, supervising assistants, obtaining sufficient understanding of client internal controls, and accumulating sufficient competent evidence were met. The auditor should also document the possible effects of the conditions or events on the financial statements and whether disclosure of the conditions and events that caused the substantial doubt is needed in the financial statements (including the footnotes) and the audit report.

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Format: HTML | Date: Nov 2002 | Pages: 1

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