Ashish PatelAshish Patel asked 3 years ago
2 Answers
RaviRavi Staff answered 3 years ago

Below is content from notes.
Form, Content and Extent of Audit Documentation
The form, content and extent of audit documentation depend on factors such as:

  • The size and complexity of the entity.(↑Size ↑Extent, ↑Complexity ↑ Extent)
  • The identified risks of material misstatement. (↑Risk ↑Extent)
  • The nature of the audit procedures to be performed.(Test of controlsàFlow Charts Content / Analytical Proceduresà Graphs & Ratios)
  • The audit methodology and tools(Manual Inspection of RecordsàPhysical Form / CAATàElectronic Form)
  • The significance of the audit evidence(High Court Order of AmalgamationàPhoto Copy Document Form / Regular Purchase OrderàInspection + recorded PO number)
  • The nature and extent of exceptions(fraud + materialàExtent ↑ / error + materialàExtent ↓)
  • 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.(Complex workingàDetailed Calculation will be covered in content / Simpleà Only references will be given in content)
RaviRavi Staff answered 3 years ago

ask for any clarification on this same questions, here itself

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