Is audit documentation property of the client?
Audit documentation is the property of the client, and sufficient and appropriate copies should be retained by the auditor for at least 5 years.
Who is the owner of audit paper?
Working papers are the property of the auditor, and some states have statutes that designate the auditor as the owner of the working papers. The auditor’s rights of ownership, however, are subject to ethical limitations relating to the confidential relationship with clients.
Who is responsible to prepare audit documents?
Scope of this ISA 1. This International Standard on Auditing (ISA) deals with the auditor’s responsibility to prepare audit documentation for an audit of financial statements.
Are audit reports made public?
The external auditors and Auditor of State may request and receive copies of any and all audit reports. Draft reports will be distributed to those employees with responsibility for replying to the report, as agreed during the entrance conference.
Is audit documentation a legal requirement?
ISA (UK) 220 (Revised November 2019) requires the auditor to review the audit work performed through review of the audit documentation. 8 The requirement to document who reviewed the audit work performed does not imply a need for each specific working paper to include evidence of review.
How long should audit documentation be retained?
for seven years
. 14 The auditor must retain audit documentation for seven years from the date the auditor grants permission to use the auditor’s report in connection with the issuance of the company’s financial statements ( report release date), unless a longer period of time is required by law.
Who can claim the ownership and custody of audit working papers?
The auditor may, at his discretion, make portions of or extracts from his working papers available to his client. The auditor should adopt reasonable procedures for custody and confidentiality of his working papers General guidelines for the preparation of working papers are: 1.
Do working papers belong to client?
Other accountancy Any records prepared by you which are required by law to be kept by the client will generally belong to the client. File copies, attendance notes and drafts, including working papers, will generally belong to you.
Who is responsible for preparing a company’s financial statements?
A company’s management has the responsibility for preparing the company’s financial statements and related disclosures. The company’s outside, independent auditor then subjects the financial statements and disclosures to an audit.
What is the audit documentation?
Audit documentation is the written record of the basis for the auditor’s conclusions that provides the support for the auditor’s representations, whether those representations are contained in the auditor’s report or otherwise.
Is audit report confidential?
All audit working papers and memoranda of the State Auditor, except final audit reports, are confidential and not subject to public disclosure.
Are audited financial statements public?
Auditors are generally and ultimately appointed by the shareholders and report to them directly or via the audit committee (or its equivalent) and others charged with governance. However, many companies’ audited financial statements, and particularly public companies, are on public record.