Description
This is one of our top selling products. The current Example Audit File was written in September 2024 in response to increased expectations from Regulators and the many additional requirements from recent revisions to ISAs. It is our most comprehensive and detailed product to date.
This product has been produced to provide practical guidance on the application of the International Standards on Auditing (ISAs) and the use of the latest PCP audit programme (Version 10A). Our objective is not to produce a model file which is perfect in theory, but rather to provide a practical example of what a file in compliance with the ISAs might look like. The product covers the latest version of the ISAs and changes from previous versions include updates for ISA 315 revised “Identifying and Assessing the Risks of Material Misstatement”, ISA 220 revised “Quality Management for an Audit of Financial Statements” and ISA 600 revised “Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) and consequential adjustments to other ISAs arising from the implementation of ISA 315 revised and ISQM 1.
This product is not designed to be used as a template and should not be used for this purpose. It is designed to be used as a training tool to help explain the level of detail required to comply with ISAs and to provide suggestions for setting out audit working papers and documenting audit evidence.
The product is not specific to any one particular country and has been based on a fictional company in the hospitality sector in a fictional country. The company has turnover in the region of €6.6 million and gross assets in the region of €3 million. It can be used as a training tool for practices anywhere in the world and is not restricted to users of the PCP audit programme.
The product comprises an example set of financial statements (produced under IFRS), an example Permanent Audit File and an example Current Audit File produced using ISAs. The programme is an extensive document and shows how individual audit tests might be set out.
The product is available via web log in and can be used globally. On purchase you will be sent an e mail which will allow you access to view and download the product at www.pcpproducts.com.
Contents
The Example Audit File includes:
- Guidance Notes.
- Financial Statements prepared under IFRS for the fictitious company
- A full Permanent Audit File with completed schedules for understanding the business, the accounting system and controls, fraud and error, related parties and engagement acceptance.
- A full Current Audit File with completed schedules for the planning and completion stages of the audit, all testing of the Statement of Financial Position and Income and Expenditure Account. Supporting schedules include independence, risk assessments, materiality calculations and sampling techniques.
