Write short notes on the following Contents of Permanent Audit File

Auditing and Assurance Revision Questions and Answers

Answer

 Information concerning the legal and organizational structure of the entity. In the case of a company, this includes the Memorandum and Articles of Association. In the case of a statutory corporation, this includes the Act and Regulations under which the corporation functions.

 Extracts or copies of important legal documents, agreements and minutes relevant to the audit.

 A record of the study and evaluation of the internal controls related to the accounting system. This might be in the form of narrative descriptions, questionnaires or flow charts, or some combination thereof.

 Copies of audited financial statements for previous years.

 Analysis of significant ratios and trends.

 Copies of management letters issued the auditor, if any.

 Record of communication with the retiring auditor, if any, before acceptance of the appointment as auditor.

 Notes regarding significant accounting policies.

 Significant audit observations of earlier years.



(Visited 169 times, 1 visits today)
Share this on:

Leave a Reply

Your email address will not be published.