http://pcaobus.org/Standards/Auditing/Pages/default.aspx

1. After the report release date – can the auditor delete or discard or add information to the audit work papers?

Information cannot be deleted or discarded from the audit work papers after the report release date, but information can be added to the work papers after the release date.

2. Certain audit matters may be documented in a central repository for the public accounting firm or in the particular office participating in the engagement. What matters may be documented in this manner and does the specific engagement’s audit documentation need to include a reference to such matters?

Matters such as auditor independence, staff training and proficiency, and client acceptance and retention may be documented in a central repository. Also, yes, the specific engagement’s audit documentation needs to include a reference to the central repository if one is utilized.

3. May an auditor conduct an engagement to report on whether a previously reported material weakness continues to exist if and, if so, what are the related requirements that the auditor must comply with?

An auditor may report on whether a previously reported material weakness continues to exist at a company only if all of the following conditions are met:

• Management accepts responsibility for the effectiveness of internal control over financial reporting;

• Management evaluates the effectiveness of the specific control(s) that it believes addresses the material weakness using the same control criteria that management used for its most recent annual assessment of internal control over financial reporting and management's stated control objective(s);

• Management asserts that the specific control(s) identified is effective in achieving the stated control objective;