Current audit files contain working papers relating to a single accounting period.

Usual contents of current audit file are:

• Audit planning documentation.

• Evidence of inherent and control risk assessment.

• Audit programme.

• Post closing trial balance.

• Final adjusting entries.

Documentation relating to finalization and completion of audit.

• Planning and time control information.

• Details of meeting with client.

• Management representation letter.

• Post balance sheet events review.

• Audit review checklist.

• Financial statements disclosure checklist.

• Queries raised and answers received.

• Copy of financial statements.

• Letter from solicitors.

• Schedules and supporting working papers justifying conclusions

• Evidence of the auditor’s consideration of the work of internal
auditing and conclusions reached.

• Copies of communication with other auditors and experts.

Preservation of accounts records:-

Different laws prescribe different periods for the preservation of accounts records.

With a view to facilitating the members, the preservation period prescribed by various status is given below:-


There appears to be no mandatory requirements in respect of serial numbers iii, iv and v above. However, the practice is to retain accounting records for a minimum period of ten years. Provisions of Section 503 of the Companies Ordinance, 1984 provided applicability of the Companies Ordinance, 1984, to companies governed by special enactments. Hence, Section 230 (6) of the Companies Ordinance, 1984 is applicable to these companies.

Posted on November 2, 2015 in Audit Documentation

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