audit documentation

 

 Today the auditing processes are essential, because we live in a world that changes every second, and technology is demanding changes in the management of information systems, as a result of globalization; Furthermore, financial information has become one of the main inputs for the development of international trade, when making financial and economic decisions. What makes it necessary to know the proper handling of the financial information system in order to establish its veracity. This is why international auditing standards emerge. Auditing standards are measures established by the profession and by law, which establish the quality, procedures and objectives to be achieved in the audit. The audit documentation process is perhaps the most important and transcendental moment in the auditor's work, since it is the opportunity to access and obtain evidence about each of the audit assertions (assertions) in a sufficient and appropriate way, then all This evidence must be linked in the work papers, as a guarantee that the work was carried out with the corresponding professional diligence. There is a risk that a poor process of obtaining evidence, in the preparation of the audit documentation, leads to a blurring of the work, leading to erroneous conclusions, and, consequently, a work that may be disqualified to support the final opinion of the auditor against the audited Financial Statements. Hence, quality control over these audit processes is necessary and, of course, the human factor is natural determinant of the results. During the audit process, the auditor must organize complete and detailed records of the work carried out and the conclusions reached, in the form of working papers that comprise all the documents prepared or received, so that, together, they constitute a compendium of the information processed, summarized and used as evidence that supports the auditor's opinion, as well as the tests carried out in the execution of their work; along with the decisions you have had to make to form your opinion. Therefore, matters that occur during an audit should be documented in working papers, as they help the auditor to fulfill his / her work in: • Planning. • In the development of procedures and audit tests during the execution stage. • Executed according to the nature, timing and scope of the audit procedures developed. • By assuming and sustaining results. • By making the conclusions drawn and ordering the evidence obtained. • They should include only important matters that are required along with the auditor's conclusion and facts that were known to the auditor during the audit process. The working papers belong to the auditor so she must take the appropriate measures to guarantee both their security and their conservation. They must not be destroyed before the time has elapsed to satisfy legal requirements and the needs of professional practice. The audit documents should be archived in such a way as to facilitate their access and their rapid availability. At present it is frequent that the documentation is digitized. A distinction is usually made between the permanent file and the current or financial year file. The first contains the information and documentation of permanent interest (it is multi-year) and likely to have an impact on subsequent audits. The second file contains the information related to the fiscal year that is the object of the Audit (information that is annual) such as work programs, correspondence, account statements, confirmation letters, copies of audited annual accounts, internal control questionnaires. , etc. The audit documentation must be clear, concise and precise, explicit, in such a way as to facilitate reaching conclusions. In other words, the working papers should be self-explanatory, since any verbal explanation from the auditor is adequate support for their performance on the job. The use of some standardized work papers such as: The summary format of business knowledge, circularization of external confirmations to suppliers, banking companies, clients, lawyers, etc. Checklists for evaluating inherent controls and risks and others, facilitate the auditor's work and can improve the efficiency with which they are prepared and reviewed. Once the work has been completed, the auditors must collect and keep all the documents that, due to their importance, can both constitute evidence of their performance and serve as a basis for forming an opinion on the annual accounts examined. ISA-230 states that the compilation

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