Distinguish between permanent audit file and current audit file
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Permanent audit file
Features.
♦ extract or important legal document , a copy of the agreement, Minute relevant audit .
♦ a record of the study and evaluation of internal control Related accounting system . This may be in the form of
A narrative description , or flowchart questionnaire , or some Combinations thereof . A copy of the audited financial statements of previous years ♦.
♦ significant ratios and trend analysis.
♦ issued by the auditor’s management
Current audit file♦ the school to accept reappointment of the corresponding year .
♦ major issues and extract the board meeting minutes As the relevant shareholders’ meeting for review.
♦ audit evidence and audit procedures program.
♦ Analysis of transactions and balances .
♦ The nature of audit procedures , the recording time and scope Executed , and the results of such procedure .
Features.
♦ extract or important legal document , a copy of the agreement, Minute relevant audit .
♦ a record of the study and evaluation of internal control Related accounting system . This may be in the form of
A narrative description , or flowchart questionnaire , or some Combinations thereof . A copy of the audited financial statements of previous years ♦.
♦ significant ratios and trend analysis.
♦ issued by the auditor’s management
Current audit file♦ the school to accept reappointment of the corresponding year .
♦ major issues and extract the board meeting minutes As the relevant shareholders’ meeting for review.
♦ audit evidence and audit procedures program.
♦ Analysis of transactions and balances .
♦ The nature of audit procedures , the recording time and scope Executed , and the results of such procedure .
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3
Permanent audit file and current audit file:
• Permanent audit files are the files that use to save the information that uses by auditors uninterruptedly. That information contains engagement later, client's M&A, long term contract or agreement as well as board meeting minute.
• Current audit files are the files that save all information associated to current year auditing. Those documents contain the current year financial statements, general ledger, management accounts, and supporting documents.
Hope it helped....
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