Guide to Using International Standards on Auditing in - IFAC

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<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
Exhibit 16.7-1
Making Changes <strong>to</strong> the Audit File
The requirements when making changes <strong>to</strong> audit file are as follows.
Exhibit 16.7-2
Period Dates Requirements
1
BETWEEN
the Audit
Report Date and
Documentation
Completion Date
2
AFTER
the Documentation
Completion Date
For administrative changes:
• Document the nature of audit evidence obtained, who prepared and
reviewed each document, and any additional memos <strong>to</strong> file that may
be required;
• Delete or discard superseded documentation;
• Sort, collate, and cross-reference working papers; and
• Sign off any completion checklists relating <strong>to</strong> the file assembly
process.
For changes in the audit evidence or conclusions reached, additional
documentation should be prepared that addresses three key
questions:
• When and by whom such additions were made and (where
applicable) reviewed;
• The specific reasons for the additions; and
• The effect, if any, of the additions on the audit conclusions.
NO documentation should be deleted or discarded from the audit file until
the firm’s file retention period has expired.
Where it is necessary <strong>to</strong> make additions (including amendments) <strong>to</strong> audit
documentation after the documentation completion date, the three key
questions about changes in audit evidence, outlined in Period 1 above,
should be answered, regardless of the nature of the additions.