Working Papers in Auditing

Working papers in auditing or audit working papers are the written private materials which an auditor prepares for each audit. He describes the accounting information the accounting information which he receives from his client. We can includes following things in working papers in auditing.

1) Copies of past Trial balances
2) Bank reconciliation statement
3) Communication letters between auditor and clients
4) Communication letters with debtors and creditors of clients
5) Correspondence between client and banks
6) Old Audit reports

Functions of Working papers in Auditing

1. # Helpful in making genuine audit report

Working papers are used for making genuine audit report. Without knowing the reality of different facts which are written in working papers, auditor can not make audit report which shows accurate view of company's financial statements.

2. # Uses as Evidence

Sometime, any party may behave like a neglect person, at that time, these working papers will become the evidence of reported facts.

3. # Direction to Auditing Procedure

Working papers are also good guide to direct the audit procedure. If auditor wants to do audit work step by step, he should collect all working papers which are required for auditing and set it according to the steps of auditing. Doing this, auditing work may be easy.

4. # Check the Weakness of Internal Control

With the help of this tool, auditor can check the weak points of internal control and suggest to improve it.

 Online Store of Working papers in Auditing

In many advance countries, big auditing firms make online store for keeping safe all the audit working papers which they obtain from different clients. For this, they use cloud computing and data warehouse techniques.

Rules Apply on Audit Working Papers in India

ICAI has made some rules for governing form and contents of working papers in auditing. Auditing and Assurance Standard -3 (AAS-3)  and Standard on Audit (SA) 230 have following rules for audit working papers.

1. In Audit Planning, auditor should include all working papers for taking steps.

2.  In auditing, for controlling quality, working papers must be obtained from authorised person.

3.  An auditor can keep audit working papers for 10 years.

4. The auditor should document discussions of significant matters with management and others on a timely basis. If the auditor has identified information.






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Accounting Education: Working Papers in Auditing
Working Papers in Auditing
Accounting Education
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