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Before understanding the key elements of good workpapers, auditors need to, in conformance with Standard 2201, understand the mission, vision, objectives, risk, risk appetite, control environment, governance structure, and risk management process of the area or process under review.
Auditors should prepare and organise their working papers in a manner that helps the auditor carry out an appropriate audit service. The auditor should avoid preparing or accumulating unnecessary working papers, and should therefore avoid making extensive copies of the client’s accounting records.
Audit working papers are documentation prepared and organized by the auditor to perform a proper audit service. According to ISA 230, Audit Documentation, the auditor’s objective is to prepare documentation that can: Support as sufficient and appropriate basis in the auditor’s report.
Definition: Audit working papers refer to the documents prepared by or use by auditors as part of their works. Those documents include summarizing the client’s nature of the business, business process flow, audit program or procedure, documents or information obtained from the client, and audit testing documents.
.05 Audit documentation is the record of audit procedures performed, rel-evant audit evidence obtained, and conclusions the auditor reached. Audit doc-umentation, also known as working papers or workpapers, may be recorded on paper or on electronic or other media. When transferring or copying paper doc-
Audit working papers are essential for maintaining the quality and integrity of the audit process. They provide a detailed trail of the auditor's work, which can be used to demonstrate compliance with professional standards and regulatory requirements.
Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations.
Among other things, audit documentation includes records of the planning and performance of the work, the procedures performed, evidence obtained, and conclusions reached by the auditor. Audit documentation also may be referred to as work papers or working papers.
What are Audit Working Papers? Audit working papers are used to document the information gathered during an audit. They provide evidence that sufficient information was obtained by an auditor to support his or her opinion regarding the underlying financial statements.
In the Guide to Audit Working Papers, we discuss all aspects of what to include in working papers, as well as how to organize and review them. We also address several legal issues related to confidentiality and working paper ownership, both of which may become issues that the auditor will encounter.