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How documentation and good practice help improve audit quality

Auditors can turn weakness into strength by identifying areas of documentation that require improvement, and taking practical pointers from examples of good practice.

Documentation is an area where weaknesses repeatedly appear on the list of most common findings in ICAEW audit monitoring reports (as in the Audit Monitoring Report 2020). To some extent, this is to be expected, and the volume of findings relating to documentation does not correlate with seriousness.Documentation

Weaknesses in documentation may occur in audits assessed as ‘acceptable’, if they relate to ‘limited concerns in relatively isolated areas’. Significant issues do, however, arise with documentation.