![]() Oral explanation can substitute for written documentation to meet the requirements of AU- C Section 230.A signoff on an audit program is sufficient documentation of a detail test and.Auditors can meet their overall audit objectives without documenting their work.WHAT WE'VE LEARNEDÄ«y collecting information from the firms subject to enhanced oversights, we've learned that three common misconceptions are driving nonconformity. In fact, one out of every four engagements subject to these enhanced oversights by the Peer Review Program was materially nonconforming due to a lack of adequate audit documentation. The experts have found high levels of material nonconformity, and the most common cause has been noncompliance with AU- C Section 230, Audit Documentation. ![]() The AICPA then tracks the number of engagements that did not conform to applicable professional standards in all material respects (commonly referred to as "materially nonconforming" engagements). Starting in 2014, the AICPA Peer Review Program has performed what are called "enhanced oversights." Through these oversights, subject- matter experts from public practice review a sample of engagements after they have been subject to peer review. That lesson has never been more relevant than it is today. This is a vital lesson that is instilled in auditors from the beginning of their careers: Insufficient documentation represents a failure to comply with generally accepted auditing standards (GAAS). No matter how thoroughly they perform an audit procedure, they know if their documentation does not reflect what they've done, they can expect review comments from their supervisor. ![]() For many staff auditors, the very mention of working paper review is enough to make their hair stand on end.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |