Written using our landmark toolkit, Procedures for Quality Audit (PQA) 2010, the ‘Sample Audit File’ will demonstrate how to compile an audit file using the work programmes in PQA 2010.
The toolkit, a fully completed sample set of audit working papers based on the Clarified ISAs, will include completed work programmes, lead schedules and sample audit documentation for a typical, standard, audit assignment for a smaller sized company.
It includes, for example:
- Example controls tests
- Illustration of dealing with exceptions arising in tests
- Completed audit plan
- Multi year testing plan
- Completed audit tests including key balance sheet areas such as debtors circularisation, stocktake attendance, stock price testing etc.
The example uses a Republic of Ireland company but we believe that it will be useful for members in both the Republic of Ireland and Northern Ireland.
Available in hardcopy format, the toolkit will be an essential aide-memoir when using the PQAs. It will also prove valuable for in-firm training purposes in practising firms.
* This price is available to paid up PQA Licence Holders. If you need to clarify whether you qualify for this discount, contact us (see below)
**Firms in Northern Ireland that are VAT registered are not liable for VAT (please quote VAT number).
Conal Kennedy writes:
"In Practice Consulting, Niall and I give a lot of training courses and workshops in practical auditing. One of the messages that came back strongly to us recently is that members involved in auditing simply wanted to be shown a comprehensive example of what we thought an audit file should look like. There has been so much change recently, with the introduction of the Clarified ISAs, and practitioners were very clear that additional improved documentation on files was necessary. However technical guidance and short case studies were clearly not providing enough help.
Practice Note 26 was popular because it provides some example working papers based on a fictitious company. One good example is worth a thousand words of explanation. We decided to take this concept one step further and put together a full file based on an SME audit, using the PQAs. We engaged a well-known auditing firm, Leahy & Co to help us, based on their practical experience. Barbara, Niall and I all have auditing backgrounds in firms of varying sizes.
Between us, we tried to make the file as realistic as possible, with typical issues arising such as non-replies to debtors circularisation, difficulties with collection of debtors, and errors arising in the valuation of stocks. The Sample Audit File has a fully documented audit plan, management letter and completion memorandum. At the same time, we were very conscious that auditors are working to a budget, and the level of documentation should be realistic but not excessive. We have often advised auditors to consider reducing audit work by concentrating on risk and material items, and putting a multi-year control testing plan in place. In this file we have given examples of how this could be done.
Members have given us very positive feedback on the Sample Audit File, saying that it is reassuring to have it as a point of reference, to demonstrate that they are on the right track, when it comes to the quality and quantity of audit documentation."
For more information please contact Practice Consulting:
Phone: +353 1 637 7300
Email: Practice Members