Audit documentation

What is recorded

• The audit plan, risk assessment and materiality calculation
• The composition of the sample and its justification
• Procedures performed and their results
• Evidence obtained and its sources
• Misstatements identified and the decisions taken on them
• Professional judgements on contentious issues, with reasoning

The requirement of understandability

Working papers must allow a specialist who did not take part in the audit to understand the nature of the procedures performed and how they link to the final conclusions. The same requirement makes quality control within the audit organisation possible.

Confidentiality and storage

Working papers belong to the audit organisation and contain information about the audited company, so their storage is subject to the confidentiality requirement established by the legislation on auditing activity.

Contents of the audit file (ISA 230)

• audit strategy and plan, materiality calculation;
• risk assessment and understanding of controls;
• programmes and results of procedures, samples;
• confirmation letters and management representations;
• conclusions on significant matters and the basis for the opinion.

Retention and access

• the audit organisation keeps copies of auditor’s reports for at least five years (Article 29 of Law No. ZRU-677 “On Auditing Activity”);
• information obtained during the audit is confidential (Article 8);
• the file is reviewed in internal and external quality control — the organisation may not obstruct external control (Article 29).