Order dating timing standards

In addition, good audit documentation is very important in an environment in which engagement staff changes or rotates.Due to engagement staff turnover, knowledgeable staff on an engagement may not be available for the next engagement. Several commenters suggested that audit documentation should include audit programs. The Board accepted this recommendation, and paragraph 4 in the final standard includes audit programs as an example of documentation.Audit programs were specifically mentioned in SAS No. Audit programs may provide evidence of audit planning as well as limited evidence of the execution of audit procedures, but the Board believes that signed-off audit programs should generally not be used as the sole documentation that a procedure was performed, evidence was obtained, or a conclusion was reached.An audit program aids in the conduct and supervision of an engagement, but completed and initialed audit program steps should be supported with proper documentation in the working papers. The proposed standard would have adapted a standard of reviewability from the U. General Accounting Office's ("GAO") documentation standard for government and other audits conducted in accordance with generally accepted government auditing standards ("GAGAS").Audit documentation also facilitates the planning, performance, and supervision of the engagement and provides the basis for the review of the quality of the work by providing the reviewer with written documentation of the evidence supporting the auditor's significant conclusions.Examples of audit documentation include memoranda, confirmations, correspondence, schedules, audit programs, and letters of representation. This appendix summarizes considerations that the Public Company Accounting Oversight Board ("PCAOB" or "Board") deemed significant in developing this standard.This appendix includes reasons for accepting certain views and rejecting others. Section 103(a)(2)(A)(i) of the Sarbanes-Oxley Act of 2002 (the "Act") directs the Board to establish auditing standards that require registered public accounting firms to prepare and maintain, for at least seven years, audit documentation "in sufficient detail to support the conclusions reached" in the auditor's report.

If the work was not documented, then it becomes difficult for the engagement team, and others, to know what was done, what conclusions were reached, and how those conclusions were reached.Accordingly, the Board has made audit documentation a priority. Auditors support the conclusions in their reports with a work product called .Audit documentation supports the basis for the conclusions in the auditor's report.Audit documentation may be in the form of paper, electronic files, or other media. The Board's standard on audit documentation is one of the fundamental building blocks on which both the integrity of audits and the Board's oversight will rest.The Board believes that the quality and integrity of an audit depends, in large part, on the existence of a complete and understandable record of the work the auditor performed, the conclusions the auditor reached, and the evidence the auditor obtained that supports those conclusions.

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