What is the purpose of working papers and how are they used?

Working papers are summary documents used by accountants and auditors to prepare financial statements. They act as supporting documentation that organizes and supports up the information found in management reports and financial statements, and they also summarize information found in other client documents.

What are the different types of audit working papers?

While there are many different types of working papers, three of the most common are interview summaries, worksheets, and reperformance documents. Each of these working papers document a different type of audit evidence and test, but all should include some basic information.

Why auditor is the owner of audit working paper?

Ownership of Audit working papers The working papers are the matters documented by the auditor. So they are his property. “The working papers prepared by the auditor are the property of the auditor”. Thus, the working papers are the property of the auditor.

Who can retain the audit working papers?

Registered Auditor
Audit Regulation 3.11 states that ‘A Registered Auditor must keep all audit working papers which auditing standards require for an audit for a period of at least six years.

Who is the owner of Working Paper?

the auditor
Working papers are the property of the auditor, and some states have statutes that designate the auditor as the owner of the working papers. The auditor’s rights of ownership, however, are subject to ethical limitations relating to the confidential relationship with clients.

How do you classify the working papers?

There are two categories of working papers − Permanent Papers and Administrative Papers.

Who is the primary owner of audit work papers?

Is the custodian for audit working papers?

Custody of the working papers rests with the auditor and he or she is responsible for their safekeeping. Working papers include in the permanent file are retained indefinitely.

What are the major functions of Audit working papers?

Audit working papers are used to document the information gathered during an audit. These working papers provide evidence that sufficient information was obtained by an auditor to support his or her opinion regarding the underlying financial statements.

How do working papers work for audit?

Objectives of audit working papers The working papers serve the auditor both as useful audit tool as well as a permanent record of the audit work performed. They are useful to the auditor to control the current year’s audit work. They constitute a reliable guidance for planning the future audit assignments.

How can audit working papers help the Auditor?

The working papers serve the auditor both as useful audit tool as well as a permanent record of the audit work performed.

What is the purpose of Audit working papers?

Audit working papers are the documents which record all audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations.