https://padlet.com/mohammadadibfahim/Bookmarks AICPA AND PCAOB en-us 2022-03-05 01:43:30 UTC 2022-04-04 14:28:11 UTC hello@padlet.com mohammadadibfahim https://padlet.com/mohammadadibfahim/Bookmarks/wish/2128752621 Use the AICPA Auditing Standards (www.aicpa.org) and PCAOB (pcaobus.org) Auditing Standards to
answer the following questions about audit evidence and audit documentation:
a. According to the PCAOB Auditing Standard 3 (please see below for link) on audit documentation, the
complete audit documentation must be assembled 45 days after the report release date. What does this
standard say about whether documentation can be added or deleted after the documentation completion
date or whether documentation can be added after the document completion date?

According to the PCAOB Auditing Standard 3, prior to the report release date, the auditor must have
completed all necessary auditing procedures and obtained sufficient evidence to support the
representations in the auditor's report. A complete and final set of audit documentation should be
assembled for retention as of a date not more than 45 days after the report release date ( documentation
completion date ). If a report is not issued in connection with an engagement, then the documentation
completion date should not be more than 45 days from the date that fieldwork was substantially
completed. If the auditor was unable to complete the engagement, then the documentation completion
date should not be more than 45 days from the date the engagement ceased.
Circumstances may require additions to audit documentation after the report release date. Audit
documentation must not be deleted or discarded after the documentation completion date, however,
information may be added. Any documentation added must indicate the date the information was added,
the name of the person who prepared the additional documentation, and the reason for adding it.]]> 2022-04-04 14:21:11 UTC https://padlet.com/mohammadadibfahim/Bookmarks/wish/2128752621 mohammadadibfahim https://padlet.com/mohammadadibfahim/Bookmarks/wish/2128757604 b. According to AU-C 230.08 (see link below), what are the requirements for the form, content, and extend
of audit documentation?

b. the results of the audit procedures performed, and the audit evidence obtained; and
c. significant findings or issues arising during the audit, the conclusions reached thereon, and significant
professional judgments made in reaching those conclusions.
In documenting the nature, timing, and extent of audit procedures performed, the auditor should record
a. the identifying characteristics of the specific items or matters tested;
b. who performed the audit work and the date such work was completed; and
c. who reviewed the audit work performed and the date and extent of such review.
For audit procedures related to the inspection of significant contracts or agreements, the auditor should
include abstracts or copies of those contracts or agreements in the audit documentation.
The auditor should document discussions of significant findings or issues with management, those
charged with governance, and others, including the nature of the significant findings or issues discussed,
and when and with whom the discussions took place.
If the auditor identified information that is inconsistent with the auditor's final conclusion regarding a
significant finding or issue, the auditor should document how the auditor addressed the inconsistency.]]> 2022-04-04 14:23:36 UTC https://padlet.com/mohammadadibfahim/Bookmarks/wish/2128757604 mohammadadibfahim https://padlet.com/mohammadadibfahim/Bookmarks/wish/2128759408 c. AU-C 500 Audit Evidence (see link below), in the AICPA auditing standards refers to information
produced by the entity. What must the auditor do to evaluate whether information provided by the client is
sufficiently reliable?

C.
According to AUC-C 500 Audit Evidence,
1.When designing and performing audit procedures, the auditor should consider the relevance and
reliability of the information to be used as audit evidence.
2.If information to be used as audit evidence has been prepared using the work of a management's
specialist, the auditor should, to the extent necessary, taking into account the significance of that
specialist's work for the auditor's purposes,
a. evaluate the competence, capabilities, and objectivity of that specialist;
b. obtain an understanding of the work of that specialist; and
c. evaluate the appropriateness of that specialist's work as audit evidence for the relevant assertion.
3.When using information produced by the entity, the auditor should evaluate whether the information is
sufficiently reliable for the auditor's purposes, including, as necessary, in the following circumstances:
a. Obtaining audit evidence about the accuracy and completeness of the information
b. Evaluating whether the information is sufficiently precise and detailed for the auditor's purposes]]> 2022-04-04 14:24:25 UTC https://padlet.com/mohammadadibfahim/Bookmarks/wish/2128759408