For purposes of the ISAs, the following terms have the meanings attributed below:
The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as “working papers” or “work papers” are also sometimes used).
One or more folders or other storage media, in physical or electronic form, containing the records that comprise the audit documentation for a specific engagement.
An individual (whether internal or external to the firm) who has practical audit experience, and a reasonable understanding of:
- Audit processes
- ISAs and applicable legal and regulatory requirements;
- The business environment in which the entity operates; and
- Auditing and financial reporting issues relevant to the entity’s industry.