Audit documentation is the record of procedures performed, evidence obtained, and conclusions reached as part of an audit. The proper preparation of audit documentation is critical for several reasons, including the following:
It can be used as a defense if the auditor is ever accused of negligence.
It is easier for a reviewer to examine.
It represents a better level of quality control over an audit.
It shows auditors in later years how the audit was conducted.
It can be used as a training tool for junior auditors.
The types of audit documentation that should be assembled include the following:
Memoranda and correspondence regarding issues found
Summaries of significant findings
In the interests of keeping the audit documentation down to a manageable length, it is not necessary to include any of the following:
Notes regarding preliminary conclusions
Audit documentation is also referred to as audit working papers.