Should the Data be separated into different worksheet headings?

1. Can I clarify whether ALL worksheets need to be included as headings for the audit trail?
2. Would this include separate data headings for "raw data" worksheet and "amended data" worksheet?
3. Also, some of the examiner reports and the course notes' worked example include a "parameters" worksheet heading in the audit trail - should the "parameters" section apply before the "assumptions" section or after it?

 

Hi,
Your paper 1 audit trail needs to include:

• The purpose of the model
• The source of the data, the checks you carried out and any corrections you made
• A list of assumptions (maybe about six ideas)
• The purpose of each worksheet
• A detailed step-through of what each column in each sheet does and how it does it
• Any danger-areas (e.g. hardcoded cells or goal seeks)
• Details of your automated checks
• Details of your reasonableness checks

Regarding the first bullet point and as mentioned above; while it is good to talk about every worksheet, you only need to talk about the data provided once. So, ideally in your audit trail, you might have a section of Data discussing the data provided to you and one section Data checks all corrections you did.

IMO, parameters should be before the assumptions. This is in line with the course notes on Page 4 of Chapter 4 - Creating an audit trail.

Hope this helps.