Document ID: chunk:federal_register_of_legislation:F2023C01120:reg:3:p5
Version: federal_register_of_legislation:F2023C01120
Segment Type: reg
Provision Reference: reg 3 (pt 5/12)
Character Range: 22549–25861

has been performed is likely to be less accurate than documentation prepared at the time such work is performed.

Documentation of the Audit Procedures Performed and Audit Evidence Obtained

Form, Content and Extent of Audit Documentation (Ref: Para. 8)

A2.             The form, content and extent of audit documentation depend on factors such as:

           * The size and complexity of the entity.

           * The nature of the audit procedures to be performed.

           * The identified risks of material misstatement.

           * The significance of the audit evidence obtained.

           * The nature and extent of exceptions identified.

           * The need to document a conclusion or the basis for a conclusion not readily determinable from the documentation of the work performed or audit evidence obtained.

           * The audit methodology and tools used.

A3.             Audit documentation may be recorded on paper or on electronic or other media.  Examples of audit documentation include:

           * Audit programs.

           * Analyses.

           * Issues memoranda.

           * Summaries of significant matters.

           * Letters of confirmation and representation.

           * Checklists.

           * Correspondence (including e‑mail) concerning significant matters.

    The auditor may include abstracts or copies of the entity's records (for example, significant and specific contracts and agreements) as part of audit documentation.  Audit documentation, however, is not a substitute for the entity's accounting records.

A4.             The auditor need not include in audit documentation superseded drafts of working papers and financial reports, notes that reflect incomplete or preliminary thinking, previous copies of documents corrected for typographical or other errors, and duplicates of documents.

A5.             Oral explanations by the auditor, on their own, do not represent adequate support for the work the auditor performed or conclusions the auditor reached, but may be used to explain or clarify information contained in the audit documentation.

Documentation of Compliance with Australian Auditing Standards (Ref: Para. 8(a))

A6.             In principle, compliance with the requirements of this Auditing Standard will result in the audit documentation being sufficient and appropriate in the circumstances.  Other Australian Auditing Standards contain specific documentation requirements that are intended to clarify the application of this Auditing Standard in the particular circumstances of those other Australian Auditing Standards.  The specific documentation requirements of other Australian Auditing Standards do not limit the application of this Auditing Standard.  Furthermore, the absence of a documentation requirement in any particular Auditing Standard is not intended to suggest that there is no documentation that will be prepared as a result of complying with that Auditing Standard.

A7.             Audit documentation provides evidence that the audit complies with the Australian Auditing Standards.  However, it is neither necessary nor practicable for the auditor to document every matter considered, or professional judgement made, in an audit.  Further, it is unnecessary for the auditor to document separately