GUIDE TO DOCUMENTATION FOR AUDIT
October 12, 2011 Leave a comment
1.1 Meaning of Documentation
The word âdocumentâ is used to refer to a written or printed paper that bears the original, official, or legal form of something and can be used to furnish decisive evidence or information. âDocumentationâ refers to the act or an instance of the supplying of documents or supporting references or records. refers to the working papers prepared or obtained by the auditor and retained by him , in connection with the performance of the audit.
In audit, the Chartered Accountantâs objective is to provide a high (but not absolute) level of assurance on the reliability of financial statements. The auditor provides a positive opinion which essentially states that based on the work performed; the financial statements comply with relevant accounting standards and principles. The level of testing procedures to obtain the evidence necessary to support such an opinion is high.
An audit engagement involves a study and evaluation of internal