ABC & Co., Chartered Accountants, have completed the audit of PQR Ltd., a large and complex entity, for the financial year ended 31st March,…

Completion Memorandum or Audit Documentation Summary: The auditor may consider it helpful to prepare and retain as part of the audit documentation a summary (sometimes known as a completion memorandum) that describes- the significant matters identified during the audit and how they were addressed. Such a summary may facilitate effective and efficient review and inspection of the audit documentation, particularly for large and complex audits. Further, the preparation of such a summary may assist auditor's consideration of the significant matters. It may also help the auditor to consider whether there is any individual relevant SA objective that the auditor cannot achieve that would prevent the auditor from achieving the overall objectives of the auditor. In light of the above, a completion memorandum will help systematically document significant audit issues and their resolution, thereby facilitating efficient review of the audit file and providing a clear summary of important audit conclusions reached during the audit.