ICAI has issued Revised Guidelines for Implementation of Standard on Auditing (SA) 230 on ‘Audit Documentation’ (Dec. 2018 Edition), which inter alia includes 37 FAQs, for help and guidance of Members to achieve the objective of maintaining audit quality and documentation thereof as audit trail.
Standards on Auditing are critical in ensuring and enhancing quality in audits of financial statements. It is therefore necessary that the auditors properly understand and implement these Standards in their audit engagements.
The Implementation Guides to Standards on Auditing are important resource for auditors to understand the requirements of these Standards and also help them in their appropriate implementation. These Guides also provide solutions to various practical problems faced by auditors in implementing Standards on Auditing in real life audit situations.
Audit documentation is an essential element of audit quality and has always been a critical component of an audit process as it evidences the work done by the auditor. I am happy that the Auditing and Assurance Standards Board has brought out this revised edition of the Implementation Guide to SA 230, “Audit Documentation” whose first edition was issued in 2013. The Implementation Guide has been written in an easy to understand language in the form of frequently asked questions (FAQs) on this Standard and responses to those FAQs.
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