Explain the factors that determine the form, content, and extent of audit documentation as per the Standards on Auditing.

As per SA 230 – ‘Audit Documentation', the form, content and extent of audit documentation depend on factors such as: 1. The size and complexity of the entity. 2. The nature of the audit procedures to be performed. 3. The identified risks of material misstatement. 4. The significance of the audit evidence obtained. 5. The nature and extent of exceptions identified. 6. The need to document a conclusion or the basis for a conclusion not readily determinable from the documentation of the work performed or audit evidence obtained. 7. The audit methodology and tools used.