Podcast
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?
- 120 days
- 30 days
- 60 days (correct)
- 90 days
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?
- Drawing new audit conclusions based on new evidence
- Modifying the audit report if necessary
- Deleting superseded documentation (correct)
- Adding new evidence obtained post audit report date
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?
- Signing off on completion checklists relating to the file assembly process
- Sorting and collating working papers
- Updating working papers with new evidence gathered after the audit report date (correct)
- Documenting audit evidence discussed and agreed upon with the engagement team prior to the report date
What is the minimum retention period for audit engagement documentation?
What is the minimum retention period for audit engagement documentation?
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?
Flashcards
Audit File
Audit File
Documentation assembled by an auditor after completing an audit.
Assembly Process
Assembly Process
The actions taken to compile the final audit file after the audit report.
60 Days Rule
60 Days Rule
Audit files should be assembled within 60 days post-audit report.
Retention Period
Retention Period
Signup and view all the flashcards
SQC 1 Policy
SQC 1 Policy
Signup and view all the flashcards
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
