Current audit file

The current audit file contains documents relevant to the current year’s audit. The documentation section is usually divided into the following sections.

Scoping & planning documents

The scoping and planning section contains,

1. Trial balance
2. Financial statement/management account
3. Internal control assessment
4. Prior year financial statement for understanding purpose
5. Other documents relevant to business/entity understanding

Legal and Compliance

The legal & compliance section contains,

1. Article of incorporation
2. Memorandum
3. Current documents related to regulation (if applicable)

There can be any other legal docs depending on the applicable compliance framework.

Risk assessment & audit program

This section of the file contains documents relevant to understanding the business processes and internal control assessment.

Forming an opinion on the audit

This section of the audit file includes the final analytical review and basis of opinion. It concludes that the audit evidence is sufficient and appropriate.

Conclusion

The current audit file is the physical/digital folder where documents relevant to the current year’s audit are organized.

These documents include support/evidence related to current-year transactions/movement.