Audit. Auditor's working documents and their composition (the most important)

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Audit. Auditor's working documents and their composition (the most important)

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22. WORKING DOCUMENTS OF THE AUDITOR AND THEIR COMPOSITION

Decree of the Government of the Russian Federation of October 7, 2004 No. 532 approved Rule (Standard) No. 2 "Audit Documentation". The named standard is developed taking into account the international standards of audit. It establishes uniform requirements for the preparation of documentation in the process of auditing financial statements.

The auditor should write working papers in a form that is sufficiently complete and detailed to provide an overall understanding of the audit. The working papers should reflect information about the planning of the audit work, the nature, timing and extent of the audit procedures performed, their results, as well as the conclusions drawn from the audit evidence obtained. Working papers should contain the auditor's rationale for all significant points on which professional judgment is required, together with the auditor's conclusions.

The auditor has the right to determine the scope of documentation for each specific audit, guided by his professional opinion. Reflection in the documentation of each document or issue considered by the auditor during the audit is not necessary. The scope of the audit documentation should be such that, if necessary, the work can be transferred to another auditor who does not have experience in this assignment. The new auditor would be able solely on the basis of this documentation (without resorting to additional conversations or correspondence with the former auditor) to understand the work done and the validity of the decisions and conclusions of the former auditor.

The form and content of working documents are determined by factors such as:

1) the nature of the audit engagement;

2)requirements for an audit report;

3) the nature and complexity of the activities of the entity being audited;

4) the nature and condition of the accounting and internal control systems of the entity being audited;

5) the need to give instructions to the auditor's employees, to monitor them and check their work;

6) specific methods and techniques used in the audit process.

In order to increase the efficiency of preparation and verification of working documents, it is recommended that standard forms of documentation be developed in an audit organization (for example, a standard structure of an audit file (folder) of working documents, forms, questionnaires, standard letters and appeals, etc.).

To improve the efficiency of the audit, it is allowed to use graphics, analytical and other documentation prepared by the audited entity during the audit. In these cases, the auditor must ensure that such materials are properly prepared.

Working papers are the property of the auditor. Although some of the documents or excerpts from them may be provided to the audited entity at the discretion of the auditor. However, they cannot serve as a substitute for the audited entity's accounting records.

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