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,
- Trial balance
- Financial statement/management account
- Internal control assessment
- Prior year financial statement for understanding purpose
- Other documents relevant to business/entity understanding
Legal and Compliance
The legal & compliance section contains,
- Article of incorporation
- Memorandum
- 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.
Daniyal Khatri, ACCA, is a seasoned bookkeeping specialist with over a decade of experience in designing precise, compliant financial systems. His expertise spans daily transaction tracking, ledger management, and financial record accuracy, ensuring businesses maintain organized, audit-ready books. Daniyal excels at aligning processes with evolving compliance standards, integrating user-friendly tools to automate workflows, and translating regulatory complexities into actionable steps. By combining technical proficiency with a focus on clarity, he empowers organizations to achieve error-free bookkeeping, minimize risk, and build a foundation for informed financial decisions.
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