An auditor carefully documents every conclusion reached and every balance calculated in a financial statement audit because of which auditing standard?

Question

Quizplus · Accepted Answer

The auditing standard that requires the auditor to document every conclusion and calculation is professional care, which is one of the basic principles of auditing. The auditor must gather sufficient and appropriate evidence to support their findings and conclusions, and this evidence must be documented in a clear and organized manner. This documentation is necessary to enable the auditor to support their opinion, defend themselves in case of litigation, and to provide reliable information to users of the financial statements.

An Auditor Carefully Documents Every Conclusion Reached and Every Balance