Current Audit File

Current Audit File is the file that the external auditor collects from the client during the year and it is related to the current year of audit work only.

Auditors have many options when it comes to performing audit procedures during an engagement. These choices depend largely on the auditor’s requirement, as well as any particular concerns raised which may affect financial statements.

Audit evidence is the information that auditors collect and use to support their conclusion about the engagement. This may come in various forms, but it’s crucial for them to document how they collect and analyze the document.

What Are Audit Working Papers?

Audit working papers are a key part of the process, as they provide evidence that can be used to verify and perform the work. Audit teams use them during audits for every step from selecting audit procedures to collecting evidence.

They are the proofs that show the work which auditors have performed during the fieldwork. They are the evidence that the auditor has perform the works which enable the other party to review the auditor’s work.

During the testing, audit working paper show the process that auditors review the financial statement and each line time. It shows how the performs the analytical procedures and the process of workflow from beginning to end. It also mention the document which auditor has reviewed during the work.

For example, the team leader can review the working paper made by the team member to ensure they are doing the right testing procedure, collecting enough evidence, and making the proper conclusion. The audit partner will review the whole team working paper to ensure the right opinion is issued. All the audit working papers support the audit opinion.

At the end of audit fieldwork, the audit working paper will become part of the audit file.

Current Audit File

Current audit file is the combination of evidence that necessary related to each engagement. They are the evidence that auditors collect during the fieldwork and they support the auditor opinion.

These files can be both soft copies and hard copies which are important for the current year audit only. The document can generate from the client, third parties or the auditors themselves.

The current audit file has to keep separate for each engagement. They are not related to other engagements.

The current audit file includes:

  • Letter of Engagement
  • Board Minute of meeting
  • Current Year Financial Statement
  • Current year general ledger
  • Current year Trail Balance
  • Audit report
  • Significant audit finding
  • Other compliance reports
  • Audit Working Paper
  • Client organizational chart
  • Original Bank confirmation receive
  • Original Cash Count Sheet… etc