New IAASB standard on audit documentation

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02 Oct 2005

The International Auditing and Assurance Standards Board (IAASB) has approved a revised International Standard on Auditing (ISA) 230 Audit Documentation.

ISA 230 establishes clear responsibilities for the auditor to assemble the final audit file on a timely basis (generally within 60 days after the date of the auditor's report) and sets out specific rules regarding deletions, modifications, or additions to audit documentation after the date of the auditor's report. There are new documentation requirements for those very rare occasions when an auditor finds it necessary to depart from the requirement of a standard in order to achieve the objective of the audit. There is also a new requirement that the auditor not delete or discard audit documentation after the final audit file has been assembled until after the retention period – ordinarily not less than five years from the date of the auditor's report or, if later, the date of the group auditor's report. ISA 230 is effective for audits of financial periods beginning on or after 15 June 2006. The standard may be downloaded without charge from IFAC's Website. Click for Press Release (PDF 83k).

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