For purposes of the ISAs, the following terms have the meanings attributed below:

Audit documentation:

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).

Audit file:

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.

Experienced auditor:

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.