Requirement For Audit Nj Libraries
EXECUTIVE SUMMARYSTATEMENT ON AUDITING STANDARDS(SAS) no. 96, Audit Documentation,marks the first big change in the requirementsauditors must observe when documenting their auditwork. It provides general guidance on the nature andextent of documentation necessary to support theauditor’s report, and it reaffirms documentation’srole as the principal support for that report and asa tool that helps the auditor conduct and supervisethe audit.WHILE AUDITORS NEED NOTDOCUMENT all evidence, findings andconclusions from an audit, the documentation stillmust meet all of SAS no. 96’s specificrequirements, which are effective for audits offinancial statements for periods beginning on orafter May 15, 2002.SAS NO. 96 EXPLICITLYREQUIRES that audit documentation besufficient to enable engagement team reviewing orsupervising members to understand the evidenceother team members obtained and the nature,timing, extent and results of audit proceduresthey performed.THE AUDITING STANDARDS BOARDadded a requirement to documentsignificant audit findings or issues—currently abest practice among firms of various sizes.SAS NO. 96 REQUIRES AUDITORSTO RETAIN documentation long enough tomeet the needs of their practices and to satisfyany applicable legal or regulatory requirements.THE NEW STATEMENT ADDSSPECIFIC documentation requirements toSAS no. 47, Audit Risk and Materiality inConducting an Audit, SAS no.
56,Analytical Procedures, and SAS no. 59,The Auditor’s Consideration of an Entity’sAbility to Continue as a Going Concern.RayWhittington, CPA, is a member of the ASB and the SASno. 96 task force and is director of the School ofAccountancy and Management Information Systems atDePaul University in Chicago.
His e-mail address is. GRETCHEN FISCHBACH is a technical manager onthe AICPA audit and attest standards team. Here-mail address is. He AICPA issued its first standard onaudit working papers in 1967. Now, workingpapers—which often consist of electronic files andhave been renamed “audit documentation”—are thesubject of new guidance from the auditing standardsboard (ASB).
Issued in January, Statement onAuditing Standards (SAS) no. 96, AuditDocumentation, provides general guidance onthe nature and extent of documentation necessary tosupport an auditor’s report and specificdocumentation guidance for several other SASs. Thenew statement is effective for audits of financialstatements for periods beginning on or after May 15,2002, although earlier application is permitted.This article discussesSAS no. 96’s major requirements and how they affectauditors.
Requirement For Audit Nj Libraries Online
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Among these changes are factors theauditor should consider in determining the natureand extent of documentation for a particular auditprocedure. In addition, the statement requires theauditor to document certain types of audit evidenceand significant audit findings or issues.Thecompares the major requirementsof SAS no. 96 with those of the superseded SAS no.41, Working Papers. 96’sprovisions address peer reviewers’ concerns aboutthe quality of documentation of audit evidence andsignificant conclusions. As a result of the SASno. 96 guidance, auditors may be able to betterdemonstrate compliance with GAAS.
96 alsoresponds to some of the issues and recommendationsthe Public Oversight Board’s Panel on AuditEffectiveness raised in its August 2000 Reportand Recommendations (See, JofA, Dec.00, page20). AUDIT DOCUMENTATIONSupports the auditor’sreport.Helps the auditor conductand supervise an audit.AUDIT DOCUMENTATION OBJECTIVESSAS no. 41 said thataudit documentation serves mainly to provide the“principal support for the auditor’s report” andto help the auditor conduct and supervise theaudit. 96 reaffirms these objectives.It’s not feasible for auditors to document allthe evidence they obtain and conclusions theyreach on an engagement.
Therefore, the boardcarried forward a SAS no. 41 footnote that statedthere is no intention to imply the auditor wouldbe precluded from supporting his or her report byother means “in addition to auditdocumentation.” This enables auditors, whennecessary, to supplement or clarify information inthe audit documentation, which itself must meetall the new statement’s requirements.ACPA firm may want to use audit documentation forpurposes other than those stated in SAS no. 96.For example, it understandably may choose toexamine audit documentation to determine whetheran engagement complied with the firm’s qualitycontrol policies and procedures. Also, certainthird parties may want to use the documentationfor other purposes. 41, Working PapersSAS no.