Audit Documentation – SAS No. 103

The purpose of this Statement on Auditing Standards (SAS) is to establish standards and provide guidance on audit documentation. The exercise of professional judgment is integral in applying the provisions of this Statement.

The auditor must prepare audit documentation in connection with each engagement in sufficient detail to provide a clear understanding of the work performed (including the nature, timing, extent, and results of audit procedures performed), the audit evidence obtained and its source, and the conclusions reached.

Supersedes Statement on Auditing Standards No. 96, Audit Documentation, AICPA, Professional Standards, vol. 1, AU sec. 339, and amends Statement on Auditing Standards No. 1, Codification of Auditing Standards and Procedures, AICPA, Professional Standards, vol. 1, AU sec. 530, “Dating of the Independent Auditor’s Report.”

Introduction

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The purpose of this section is to establish standards and provide guidance on audit documentation. The exercise of professional judgment is integral in applying the provisions of this section. For example, professional judgment is used in determining the quantity, type, and content of audit documentation consistent with this section.

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January 2007