Q.An Audit Memorandum typically includes all of the following EXCEPT:
(A) The name of the client and the period covered by the audit
(B) The scope and terms of the audit engagement
(C) A complete, itemised list of every single voucher examined during the audit
(D) Significant matters discussed with management and the decisions reached on them

The Memorandum is a concise summary, not an exhaustive voucher-by-voucher log — that level of detail belongs in the fuller working papers instead.

Section g lists the general contents of an Audit Memorandum: the name of the client and the period covered, the scope and terms of the engagement, the significant accounting policies followed (and any changes from the previous year), points requiring special attention, a note of significant matters discussed with management and the decisions reached on any contentious accounting issues, and the allocation of work among the audit team. …

Students sometimes assume that because the Memorandum is an official-sounding audit document, it must be comprehensive and exhaustive. Its entire purpose, per Section g's own closing note, is to sta …