The current file contains the planning, testing, evidence and conclusions for one financial year. It shows how the audit team reached its opinion for that year.
| Stage | Examples of current-file contents |
|---|---|
| Planning | Current-year audit strategy, risk assessment, materiality calculation and audit programme. |
| Fieldwork | Trial balance, inventory test counts, bank confirmations, sales cut-off tests and schedules of audit differences. |
| Completion | Evaluation of uncorrected misstatements, management representation letter, final financial statements and signed auditor’s report. |
One loan, two files. For the audit at 31 December 2026, the five-year agreement belongs in the permanent file. The bank confirmation at 31 December 2026, the 2026 interest calculation and the auditor’s conclusion on the closing balance belong in the current file. The interest working paper can cross-reference the agreement so the reviewer can find the rate used.
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