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What is audit file

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

AUDIT FILES Hi, Audit files is designed to perform audits of your upload directory and the corresponding database records. It will cross check that all files in the database have a corresponding physical file, or it will check that all files in the upload directory have a corresponding entry in the database. Thanks

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Audit file is a folder in physical or electronic form which contains the records of audit documentation for a specific audit engagement. There are two types of audit file. They are: 1. Current audit file and 2. Permanent audit file. 1. Current audit file comprises of working papers which are related to respective year of audits like appointment letter, minutes of meetings, current year observations, management response for observations, conclusions drawn etc. 2. Permanent audit file comprises of working papers which does not depend on year of audit like MOA, AOA, deeds, documents, financial statements of previous years etc.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear, As per the current senerio their is two type of audit file 1) Permanent file 2) Current File. 1) Content of Permanent File: a) Engagement: Appointment Letter and correspondence of Retiring Auditor. b) Constitution : MOA and AOA/ Partnership deed/ trust deed etc. c) background and organisation structure of the client d) contract, agreement etc e) other professional details f) misc: details of other big client 2) Content of current file a) Engagement -Acceptance of annual reappointment b) Accounts -Copy of draft financial statement -Copy of final signed financial statement c)Reports and final papers -Copies of all draft and final reports issued to client -Correspondence with other auditors and experts -Comments received from client and letter of representation -Observations on accounts and points carried forward to next year -Final journal entries -Company accounts checklist-director’s report d) Audit plan -Planning programme -Time and cost summary -Briefing notes -Copy of planning letter to client -Points carried forward from previous year Any other query feel free to contact us Thanks & Regards CA Chitranjan Agarwal M.No- 8587858208

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