“Audit Documentation”

The Sarbanes–Oxley Act of 2002 created the Public Company Accounting Oversight Board (PCAOB) to oversee the work of public accounting firms performing financial statement audits for public filers, those with publicly traded securities on a U.S. stock exchange.

This discussion activity requires two steps:

• First, select a publicly traded company and retrieve their most recent 10-K (annual filing), which includes the report of the independent audit firm. Read the opinion rendered in the audit report.
• Next, visit the PCAOB website and review Auditing Standard (AS) 1215 (Audit Documentation).

To complete the discussion, explain how the audit documentation requirements detailed in AS 1215 help to support the opinion that the auditor rendered in their report. Support your conclusions with at least two specific requirements detailed in AS 1215.