Guide to Using International Standards on Auditing in - IFAC

216
<strong>Guide</strong> <strong>to</strong> <strong>Using</strong> <strong>International</strong> <strong>Standards</strong> on Auditing in the Audits of Small- and Medium-Sized Entities Volume 1—Core Concepts
• Engagement team members can share file documents by using electronic check-in and check-out <strong>to</strong>ols;
• Certain documents can be password-protected for enhanced security; and
• Access <strong>to</strong> files can be restricted <strong>to</strong> authorized personnel.
<strong>Using</strong> Electronic Tools in Working Papers
There are three important principles <strong>to</strong> note when using electronic <strong>to</strong>ols in working-paper preparation:
• All the requirements of the ISAs still apply;
• Electronic files require electronic document management. This addresses matters such as accessibility
(such as password access), data security, application management (including training), back-up routines,
edit rights, s<strong>to</strong>rage locations, review procedures, and decisions on what changes <strong>to</strong> files will be tracked
<strong>to</strong> provide the necessary audit trail; and
• Final documents (all documents that are required <strong>to</strong> be maintained <strong>to</strong> support the audit opinion) must
be retained and be accessible in accordance with the firm’s file retention policies.
16.7 File Completion
Paragraph #
Relevant Extracts from ISAs
230.13 If, in exceptional circumstances, the audi<strong>to</strong>r performs new or additional audit procedures or draws
new conclusions after the date of the audi<strong>to</strong>r’s report, the audi<strong>to</strong>r shall document: (Ref: Para. A20)
(a) The circumstances encountered;
(b) The new or additional audit procedures performed, audit evidence obtained, and
conclusions reached, and their effect on the audi<strong>to</strong>r’s report; and
(c) When and by whom the resulting changes <strong>to</strong> audit documentation were made and
reviewed.
230.14 The audi<strong>to</strong>r shall assemble the audit documentation in an audit file and complete the
administrative process of assembling the final audit file on a timely basis after the date of the
audi<strong>to</strong>r’s report. (Ref: Para. A21-A22)
230.15 After the assembly of the final audit file has been completed, the audi<strong>to</strong>r shall not delete or
discard audit documentation of any nature before the end of its retention period. (Ref: Para. A23)
230.16 In circumstances other than those envisaged in paragraph 13 where the audi<strong>to</strong>r finds it
necessary <strong>to</strong> modify existing audit documentation or add new audit documentation after the
assembly of the final audit file has been completed, the audi<strong>to</strong>r shall, regardless of the nature
of the modifications or additions, document: (Ref: Para. A24)
(a) The specific reasons for making them; and
(b) When and by whom they were made and reviewed.
The dating of the audi<strong>to</strong>r’s report signifies that the audit work is complete. After that date, there is no
continuing responsibility <strong>to</strong> seek further audit evidence.
After the audit report date, the final assembly of audit files should take place on a timely basis. An appropriate
time limit within which <strong>to</strong> complete the assembly of the final audit file is ordinarily not more than 60 days
after the date of the audi<strong>to</strong>r’s report. This is illustrated in the following exhibit. Refer <strong>to</strong> ISQC 1 and ISA 230 for
more details.