Documentation when using automated tools and techniques

Abstract

Properly prepared audit documentation is the basis for the auditor's opinion on the reliability of the financial statements. The audit opinion is based on reliable and relevant audit evidence that can be obtained, including using automated tools. Currently, the revised ISQM 1 "Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements", which is due to be adopted in September 2020, provides certain requirements for automated tools as one of the ways to obtain audit evidence and document it accordingly. However, there was a need to consider issues related to automated tools, taking into account the quality management policies and procedures for audit firms. JEL: M42.