The International Auditing and Assurance Standards Board, a unit of the International Federation of Accountants, has approved a revised standard that the governing body says will enhance audit quality via stricter requirements for documentation.
International Standard on Auditing 230 specifically requires that an auditor prepare documentation sufficient to allow an experienced auditor -- with no previous connection to the audit -- to understand the work performed, the audit evidence obtained and the significant matters that arose during the audit.
The standard is effective for audits of financial periods beginning on or after June 15, 2006. The standard may be downloaded at no charge from the IFAC online bookstore at http://www.ifac.org/store.
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