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    1 KPC TMOSZydwj To ADQQj 1618149367

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    (1) This document summarizes NSA-230 audit documentation requirements. It outlines what should be included such as evidence of planning, procedures performed, evidence obtained, and conclusions. (2) The documentation provides evidence that the audit was conducted according to Standards and laws. It allows for accountability, review, and guidance for future audits. (3) The documentation should include form, content, timing of procedures, evidence, conclusions, and responses to doubtful situations to enable users to understand the audit process, issues, and compliance with Standards and laws.

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    1 KPC TMOSZydwj To ADQQj 1618149367

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    Anil
    11 views6 pages
    (1) This document summarizes NSA-230 audit documentation requirements. It outlines what should be included such as evidence of planning, procedures performed, evidence obtained, and conclusions. (2) The documentation provides evidence that the audit was conducted according to Standards and laws. It allows for accountability, review, and guidance for future audits. (3) The documentation should include form, content, timing of procedures, evidence, conclusions, and responses to doubtful situations to enable users to understand the audit process, issues, and compliance with Standards and laws.

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    (1) This document summarizes NSA-230 audit documentation requirements. It outlines what should be included such as evidence of planning, procedures performed, evidence obtained, and conclusions. (2) The documentation provides evidence that the audit was conducted according to Standards and laws. It allows for accountability, review, and guidance for future audits. (3) The documentation should include form, content, timing of procedures, evidence, conclusions, and responses to doubtful situations to enable users to understand the audit process, issues, and compliance with Standards and laws.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views6 pages

    1 KPC TMOSZydwj To ADQQj 1618149367

    Uploaded by

    Anil
    (1) This document summarizes NSA-230 audit documentation requirements. It outlines what should be included such as evidence of planning, procedures performed, evidence obtained, and conclusions. (2) The documentation provides evidence that the audit was conducted according to Standards and laws. It allows for accountability, review, and guidance for future audits. (3) The documentation should include form, content, timing of procedures, evidence, conclusions, and responses to doubtful situations to enable users to understand the audit process, issues, and compliance with Standards and laws.

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    Summary of NSA-230 Audit Documentation

    Meaning It is record of planning, Procedure Performed,


    Evidence Obtained and conclusion taken

    Nature of documentation
    Documentation provides

    Evidence of auditor's Report Evidence that Audit was conducted as


    per SA & law

    Purposes Planning Accountability Direction significant to future Audit

    Review Q.C .Review (internal)

    Peer Review (external)

    Experienced Auditor An individual who has reasonable understanding of

    Audit process NSA (s) & Law Business environment Reporting


    issues

    Form & Content


    Such that it enables users to Understand

    NTE of Procedure Evidence Conclusion Doubtful Situation &


    response thereof
    Document Also

    Who Performed

    Who Reviewed

    Special characteristics

    Departure from NSA

    When /why/ By whom / Reasons /effect on A.R.


    Change

    Only Addition [Cannot delete]

    Before the end of retention Period

    [i.e. .5 yrs from the date of signing of Audit Report, to be assessembled within 60 days of signing ]

    Note : Confidential other than as required under law/court or after permission from client.

    [Summary of NSA-330] [Responses to Assessed Risk]


     Definition

    (1) SP An Audit procedure designed to detect mat mis-stat at assertion level

    Test of Detail ARP

    (2) C.P An Audit procedure designed to cheek I.C. applied at Assertion level.

    Apply procedures to examine fin-stat and their compliance with


     Overall Responses
    financial reporting framework
    Audit procedure responsive to Assessed Risk at Assertion level

    Test of control

    Substantive procedure
    Test of control Perform if need is there

    T or
    Timing
    He expects that I.C are good

    Timing of TOC Particular period If done at interim period then cover remaining
    period
    or
    Throughout the period

    I Interim period
    Consider changes
    P Previous Audit

    S Significant Risk Cheek Internal controls over significant risk

    Controls are effective or not


    E Effectiveness
     Presentation & Disclosure Adequate or not

     Audit Evidence Sufficient & Appropriate

    If not obtained

    Try to obtain further evidence

    If unable

     Documentation Q/D

    Overall Responses at the level of financial statement

    Responses to Assertion level

    Result of Audit procedure

    If uses previous experience then how he reached about relying on such document

    NSA-450
    Evaluation of mis-statement identified during the Audit

     Scope To evaluate the effect of Identified and uncorrected mis -stat, during Audit, on the fin. Stat.
    Definitions

    (1) Mis-statement A difference between the reported Fin-stat. items and required
    for the item to be in accordance with F.R.F.

    It may be arise due to Fraud &Error.

    (2) Uncorrected mis-statement

    Mis-statement that the auditor has accumulated during Audit and that have not been corrected .
     Accumulation of Identified mis-statement

    He shall accumulate mis-statement identified during Audit, other than those clearly trivial.

    He shall consider whether uncorrected mis-statement is material by considering

    Their size & nature

    Effect of uncorrected mis-statement of prior period.

    If he considers them to be material, may consider Revision of Audit planning including per forming additional procedures.

    Communicate them at appropriate level of mgmt. With request to correct them.

    If mgmt

    Refuses to correct Correct them

    ok
    Consider their reasons

    But perform Additional procedure to determine whether some


    Effect on A.R.
    other mis-stat remains.

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