The Vouching and Tracing Audit document serves as a crucial tool in New Zealand's financial auditing landscape, designed to meet the stringent requirements of the Financial Reporting Act 2013 and associated regulatory frameworks. This document is essential when conducting detailed verification of financial transactions and accounting records, providing a structured approach to examining source documents and tracing transactions through various accounting stages. The document becomes particularly relevant during annual audits, special investigations, or when specific financial verification is required by regulators or stakeholders. It incorporates best practices aligned with New Zealand auditing standards and includes comprehensive procedures for sampling, verification, and documentation, ensuring that audit evidence meets the required quality and reliability standards.
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1. Parties: Identifies the audit firm and the client organization, including their legal names, addresses, and registration details
2. Background: Outlines the context of the audit engagement, including the period under review and general purpose of the vouching and tracing audit
3. Definitions: Defines key terms used throughout the document, including technical audit terminology and specific accounting terms
4. Scope of Audit: Details the specific areas, transactions, and time period covered by the vouching and tracing procedures
5. Audit Methodology: Describes the systematic approach used for vouching and tracing, including sampling methods and verification procedures
6. Documentation Requirements: Specifies the documents and records required from the client for conducting the audit
7. Findings and Observations: Presents the detailed results of the vouching and tracing procedures, including any discrepancies or issues identified
8. Recommendations: Provides specific recommendations based on the audit findings to improve internal controls or processes
9. Conclusion: Summarizes the overall results and provides the auditor's professional opinion based on the vouching and tracing procedures
1. Risk Assessment: Includes detailed risk analysis when the audit scope requires specific risk evaluation of transaction types or processes
2. Compliance Review: Added when the audit needs to specifically address compliance with certain regulations or standards
3. Internal Control Evaluation: Included when the engagement requires assessment of the client's internal control systems
4. Special Considerations: Used when there are unique circumstances or specific client requirements that need to be addressed
5. Technology Systems Review: Added when the audit involves evaluation of automated systems or digital transaction processes
6. Prior Audit Follow-up: Included when there's a need to follow up on previous audit findings or recommendations
1. Schedule A - Sampling Methodology: Details the sampling approach used, including sample size calculations and selection criteria
2. Schedule B - Transaction Testing Summary: Provides a detailed summary of all transactions tested during the vouching and tracing procedures
3. Schedule C - Document List: Comprehensive list of all documents examined during the audit
4. Appendix 1 - Audit Working Papers: Contains detailed working papers showing the verification procedures performed
5. Appendix 2 - Exception Report: Detailed listing of all exceptions, discrepancies, and irregularities found during testing
6. Appendix 3 - Client Responses: Documentation of client explanations and responses to audit queries and findings
7. Appendix 4 - Reference Materials: Relevant standards, guidelines, or regulations referenced during the audit
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