- Audit working papers
Audit working papers are the documents which keeping all
audit evidences obtained during financial statements auditing. Audit working paper is to be able to support the audit works done in order, sufficient and assurance audit evidences have been obtained and reasonable assurance audit conclusion can be made in due course.
Audit working papers are the
propertyof the auditor. In order to keep professional ethic, it cannot discover to third party without consent of the client unless limited specified situations mentioned in ISA 230 Documentationand required by law, the examples are court order, for public interestand so one.
The forms of documentation may be
flowchart, manual, narrative note, checklistor questionnaire.
Contents of auditor working papers
* Memorandum and
Articles of Association
* Business registration certificate
Franchisingcertificate and agreements.
* Business agreements with
bank, suppliersand customers.
* List of professional advisers (eg.
lawyer) and outsourcingcontractors.
Financial statementsincluding balance sheet, income statement, cash flow statement, budget, business forecaststatement of the client and so on.
Audit planningdocument including time sheet and human resource arrangement records of audit staff.
Audit evidenceof the audit job.
samplingmethod and the sample size calculation.
* Schedule of unadjusted difference.
* Audit review points and highlight.
* Client's system
Weakness letterand management letter.
Proper features of working papers
* Reviewed by auditors with supervisory.
* Signed, dated and approved by relevant level of audit staff with sufficient cross reference.
* With effective audit planning, work done, sufficient and quality evidence.
* Outstanding matters cleared in due course.
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