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PSA-230-Redrafted - Auditing and Assurance Standards...

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Philippine Standard on Auditing 230 (Redrafted) AUDIT DOCUMENTATION Auditing and Assurance Standards Council
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PSA 230 (Redrafted) 2 PHILIPPINE STANDARD ON AUDITING 230 (REDRAFTED) AUDIT DOCUMENTATION (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA .............................................................................................. 1-3 Effective Date .................................................................................................... 4 Objective ........................................................................................................... 5 Definitions ......................................................................................................... 6 Requirements Timely Preparation of Audit Documentation ..................................................... 7 Documentation of the Audit Procedures Performed and Audit Evidence Obtained ................................................................................. 8-13 Assembly of the Final Audit File ....................................................................... 14-16 Application and Other Explanatory Material Timely Preparation of Audit Documentation ..................................................... A1 Documentation of the Audit Procedures Performed and Audit Evidence Obtained ................................................................ A2-A20 Assembly of the Final Audit File ...................................................................... A21-A24 Acknowledgment Appendix: Specific Audit Documentation Requirements in Other PSAs Philippine Standard on Auditing (PSA) 230 (Redrafted), “Audit Documentation,” should be read in conjunction with [proposed] PSA 200 (Revised and Redrafted), “Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with Philippine Standards on Auditing.”
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PSA 230 (Redrafted) 3 Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibility to prepare audit documentation for an audit of financial statements. It is to be adapted as necessary in the circumstances when applied to audits of other historical financial information. The Appendix lists other PSAs that contain specific documentation requirements and guidance. The specific documentation requirements of other PSAs do not limit the application of this PSA. Laws or regulations may establish additional documentation requirements. Nature and Purposes of Audit Documentation 2. Audit documentation that meets the requirements of this PSA and the specific documentation requirements of other relevant PSAs provides: (a) Evidence of the auditor’s basis for a conclusion about the achievement of the overall objective of the auditor; and (b) Evidence that the audit was planned and performed in accordance with PSAs and applicable legal and regulatory requirements. 3. Audit documentation serves a number of additional purposes, including the following: Assisting the engagement team to plan and perform the audit. Assisting members of the engagement team responsible for supervision to direct and supervise the audit work, and to discharge their review responsibilities in accordance with [proposed] PSA 220 (Redrafted). 1 Enabling the engagement team to be accountable for its work. Retaining a record of matters of continuing significance to future audits. Enabling the conduct of quality control reviews and inspections in accordance with [proposed] PSQC 1 (Redrafted).
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