Audit Evidence and Documentation

The audit exercise is purely a process of collecting evidence which is utilised and assessed by the auditor to arrive at conclusions on which the auditor bases the all-important professional opinion. There are many qualities which audit evidence must possess to be able to meet the standards required to fulfil the above objective. But above all the audit evidence has to be sufficient and appropriate. The exercise of obtaining audit evidence is driven by substance and not by quantity or volume. It is an exercise in quality, which after all is required at every junction of the audit to ensure the issue of a sound audit opinion at the end. Another characteristic of audit evidence is its documentation. It is an irrebuttable view that if something in auditing is not documented it is considered to be not done. This applies fully and equally to audit evidence and has a direct impact on the quality of the audit opinion. The purpose of the audit file is primarily to provide evidence of the audit work that was undertaken to arrive at the final opinion. Insufficient documentation supporting each and every conclusion leading to the composite audit opinion at the end of the audit would seriously render the audit opinion doubtful and questionable. During our session we will review in detail the nature of audit evidence, which is not only documents, and the way all the evidence is documented to produce a highly integrated audit file as unequivocal as the opinion itself.

The Speaker

Mario P Galea is a certified public accountant holding a warrant to practice both as an accountant and as an auditor. Currently practising as a business advisor providing governance oversight and advisory services to businesses and corporations. Serves as an independent non-executive director on the boards and audit committees of various listed companies in the financial and commercial sectors. Mentor and advisor to family businesses. Founder, managing partner and chairman of accountancy and audit firm EY in Malta until retirement in 2012. Specialised in auditing and assurance which he has practiced for 35 years in Malta and abroad. Lectured in auditing, assurance and professional and business ethics and led several training courses. Speaker at various business and professional conferences in Malta and abroad. Assisted businesses in several areas particularly relating to governance, accounting and systems of control. Served as President of the Malta Institute of Accountants and for many years formed part of the Accountancy Board which is the accountancy profession regulator in Malta. Served on various professional committees in Malta and abroad such as the council of the Federation des Experts Comptables (FEE) in Brussels (now Accountancy Europe). Member of the Ethics and Regulatory committees of the Malta Institute of Accountants in Malta.

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