Assembly of the Final Audit FileAssembly of the Final Audit File

Assembly of the Final Audit File

28 The auditor shall complete the assembly of the final audit file on a timely basis after the date of the auditor’s report.

29 Under quality control requirements for firms issued by a professional accounting body, firms are obliged to establish policies and procedures for the timely completion of the assembly of audit files. Ordinarily, 60 days after the date of the auditor’s report is an appropriate time limit within which to complete the assembly of the final audit file.

30 The completion of the assembly of the final audit file after the date of the auditor’s report is ordinarily an administrative process that does not involve the performance of new audit procedures or the drawing of new conclusions. Changes may, however, be made to the audit documentation during the final assembly process if they are administrative in nature. Examples of such changes include:

• Deleting or discarding superseded documentation.
• Sorting, collating and cross-referencing working papers.
• Signing off on completion checklists relating to the file assembly process.
• Documenting audit evidence that the auditor has obtained, discussed and agreed with the relevant members of the audit team before the date of the auditor’s report.

31 After the assembly of the final audit file has been completed, the auditor shall not delete or discard audit documentation before the end of its retention period.

32 Under section 307B of the Corporations Act 2001, the auditor or member of an audit firm is required to “retain all audit working papers prepared by or for, or considered or used by, the auditor in accordance with the requirements of the Auditing Standards until:

(a) the end of 7 years after the date of the audit report prepared in relation to the audit or review to which the audit working papers relate; or

(b) an earlier date determined by ASIC[4] for the audit working papers”.

33 For audits other than those conducted under the Corporations Act 2001, the auditor ordinarily retains all audit documentation for not less than 7 years from the date of the auditor’s report.

34 When the auditor finds it necessary to modify existing audit documentation or add new audit documentation after the assembly of the final audit file has been completed, the auditor shall, regardless of the nature of the modifications or additions, document:

(a) when and by whom they were made, and (where applicable) reviewed;

(b) the specific reasons for making them; and

(c) their effect, if any, on the auditor’s conclusions.