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gagement partner (who may be a sole practitioner). In such situations, questions of direction and supervision of assistants and review of their work do not arise as the audit engagement partner, having personally conducted all significant aspects of the work, is aware of all material issues.
.28 The audit engagement partner (or sole practitioner) nevertheless needs to be satisfied that the audit has been conducted in accordance with AUSs. Developing or obtaining a suitably designed form of audit completion checklist may provide a useful tool for testing the completeness and adequacy of the process followed in an audit. Forming an objective view on the appropriateness of the judgements made in the course of the audit can present practical problems when the same individual also performed the entire audit. When particularly complex or unusual issues are involved, and the audit is performed by a sole practitioner, it may be desirable to consult with other suitably-experienced auditors or the auditor’s professional body, on a confidential basis.
AUS 208: Documentation
.29 The auditor may have an in-depth understanding of the entity and its business, because of the close relationship between the auditor and the owner-manager, the size of the entity being audited, or the size of the audit team and the audit firm. However, that understanding does not eliminate the need for the auditor to maintain adequate working papers. Working papers assist in the planning, performance, supervision and review of the audit, and they record the evidence obtained to support the audit opinion.
.30 The discipline imposed by the requirement to record the reasoning and conclusions on significant matters requiring the exercise of judgement can often, in practice, add to the clarity of the auditor’s understanding of the issues in question and enhance the quality of the conclusions. This is so for all audits, even in the case of a sole practitioner with no assistants.
.31 Different techniques may be used to document the entity’s accounting and internal control systems, depending on their complexity. However in small entities the use of flowcharts or narrative descriptions of the system are often the most efficient techniques. These can be kept as permanent information and are reviewed and updated as necessary in subsequent years.
.32 Paragraph .11 of AUS 208 provides examples of the contents of working papers. These examples are not intended to be used as a checklist of matters to be included in all cases. The auditor of a small entity uses judgement in determining the contents of working papers in any particular case.
.33 Nevertheless, the auditor of a large or a small entity, records in the working papers:
(a) The audit planning;
(b) An audit program setting out the nature, timing, and extent of the audit procedures performed;
(c) The results of those procedures; and
(d) The conclusions drawn from the audit evidence obtained together with the reasoning and conclusions on all significant matters requiring the exercise of judgement.
AUS 210: The Auditor’s Responsibility to Consider Fraud and Error in an Audit of a Financial Report
.34 Appendix 1 to AUS 210 contains examples of fraud risk factors. An example relevant to small entities is “management is dominated by a single person or a small group without compensating controls such as effective oversight by those charged with governance.” Although the presence of a dominant owner-m