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| Bangladesh Standard on Audit(BSA-230) |
What is the Bangladesh standard on Audit(BSA-230)? Describes in Details:
BSA-230: Audit Documentation is a standard issued by the Institute of Chartered Accountants of Bangladesh (ICAB). It provides guidance on the auditor's responsibility for preparing and maintaining adequate documentation of the audit process and findings.
In short, BSA-230 addresses the following key points:
1.Objective of Audit Documentation:
The primary objective is to provide a record of the audit work performed, the evidence obtained, and the conclusions reached. It helps demonstrate that the audit was conducted in accordance with professional standards and regulatory requirements.
2.Content of Audit Documentation:
The documentation should include:
The procedures performed during the audit. The audit evidence obtained. The conclusions reached, including how the evidence supports the auditor’s opinion. Any significant judgments made during the audit. The nature, timing, and extent of audit procedures.
3.Sufficient and Appropriate Documentation:
The documentation should be sufficient to enable an experienced auditor to understand the audit work performed and to support the auditor's opinion. It should also be appropriate to meet the objectives of the audit.
4.Organization of Documentation:
Audit documentation must be organized in a way that allows for easy retrieval and review. This includes maintaining a clear audit trail that links the evidence to the audit procedures and conclusions.
5.Retention of Documentation:
Audit documentation must be retained for a specified period (usually 5 to 7 years) after the completion of the audit, to allow for future reference, review, or legal purposes.
6.Confidentiality:
The auditor must ensure that the documentation is kept confidential and is not disclosed to unauthorized parties unless required by law or regulation.
In summary, BSA-230 emphasizes the importance of maintaining comprehensive, clear, and organized audit documentation, which serves as a critical tool for ensuring audit quality, providing support for the audit opinion, and enabling future review or investigation.