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Questions and Answers
What is the maximum time frame for the completion of the final audit file assembly after the auditor's report?
What is the maximum time frame for the completion of the final audit file assembly after the auditor's report?
What are the types of changes that can be made to the audit documentation during the final assembly process?
What are the types of changes that can be made to the audit documentation during the final assembly process?
Which of the following is NOT considered an administrative change during the final assembly process?
Which of the following is NOT considered an administrative change during the final assembly process?
What is the minimum retention period for audit engagement documentation?
What is the minimum retention period for audit engagement documentation?
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What standard requires firms to establish policies and procedures for the timely completion of the assembly of audit files?
What standard requires firms to establish policies and procedures for the timely completion of the assembly of audit files?
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Study Notes
Audit File Assembly
- Auditors assemble audit documentation into a file, completing the administrative process after the report's date.
- This is time-sensitive, ideally within 60 days of the report.
- Post-report changes to documentation are allowed if administrative in nature (e.g., deleting obsolete info, re-ordering files).
- Audit evidence must be agreed with engagement team members before report date.
Audit File Retention
- Documentation must not be deleted until the retention period ends.
- Standard Quality Control (SQC) 1 requires policies for audit file retention of at least 7 years, from the auditor's or group auditor's report date.
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Description
This quiz covers essential procedures for assembling audit files and the retention of documentation. Learn about the time-sensitive nature of compiling audit evidence and the requirements for maintaining records post-report. Understanding these processes is crucial for effective audit management.
