CAAS - 102 - Cost Audit and Assurance Standard on Cost Audit Documentation

Cost Audit Documentation ensures a sufficient record of audit procedures and evidence enabling peer review and regulatory compliance.

Cost Audit Documentation requires the Cost Auditor to record audit procedures performed, audit evidence obtained, and conclusions reached; to document the nature, extent and responsibility for procedures, items tested, significant matters and professional judgments; to record departures from standards, discussions with client personnel and outsiders, and any procedures or conclusions arising after the audit report; to assemble documentation timely; and to retain the audit documentation for at least ten years, ensuring it enables another Cost Auditor to understand conformity with standards and legal requirements.