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audit documentation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › audit documentation

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • August 28, 2023 at 11:50 am #690815
    abdullah
    Participant
    • Topics: 35
    • Replies: 29
    • ☆☆

    We have an audit client that does NOT allow us COLLECT (and take back to our audit office ) some of their documents such as their supporting for sales invoices , purchase invoices and indirect expenses invoices

    They have given us the permission to verify their sales , purchase , indirect expense invoices ONLY at their office , BUT they refuse to gives us the hard copies of their invoices to take back to our audit office for confidentiality reasons.

    So my question is are we as auditors have the right to collect the invoices of clients ? is their any audit standards that allows us as auditors to collect hard copies of their invoices ?

    Our client insists that we verify their invoices just at their office and perform the audit procedures there itself regarding their sales and purchase and expense invoices

    August 29, 2023 at 8:24 am #690872
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8289
    • ☆☆☆☆☆

    Short answer – no

    Internal documentation is owned by the client and the auditor cannot demand to take possession of originals.

    August 29, 2023 at 8:54 am #690879
    abdullah
    Participant
    • Topics: 35
    • Replies: 29
    • ☆☆

    thanks, to be more clear to you , they are even refusing to give us photocopies of their sales invoices , and they say they dont want to give for confidentiality reasons

    can we take photocopies or soft copies of their invoices ? They say we are only allowed to verify whatever we need at their office.

    August 29, 2023 at 11:59 am #690890
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8289
    • ☆☆☆☆☆

    I am not a practitioner … per ISA 230

    5. The objective of the auditor is to prepare documentation that provides:
    (a) A sufficient and appropriate record of the basis for the auditor’s report; and
    (b) Evidence that the audit was planned and performed in accordance with ISAs and applicable legal and regulatory requirements.

    In A3 it states:
    “The auditor may include abstracts or copies of the entity’s records …”

    If an engagement partner considers copies rather than abstracts to be necessary to meet the “sufficient and appropriate record” requirement, that partner should be discussing the matter with TCWG/management – and whether this is an indication of an inappropriate limitation in the scope of work. This would have implications for the integrity of the client – also whether “preconditions for an audit” were met – perhaps the engagement shouildn’t have been accepted … or having accepted it … in extreme circumstances it may be necessary to withdraw.

    If, however, it a matter of convenience/audit efficiency for the auditor to want copies rather than document details at the client’s premises, again it would be for the engagement partner to discuss the fee implications with the client.

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