Audit documentation of majority of the firms reviewed did not provide a sufficient and appropriate record of the basis of the Auditor’s Report. In most cases, the documentation did not provide evidence that the audit was planned and performed in accordance with the Standards. The working papers lacked evidence relating to overall audit strategy and planning to test assertions made in the financial statements. Inadequate identification and disclosure of related party transactions and failure to evaluate the work of experts in the light of the Auditor’s overall knowledge of the business were observed in some of the audits. Further, certain audit reports were not prepared in compliance with the relevant standard relating to the Auditor’s Report.