AUDIT WORKING PAPERS
Audit working papers refer to the documents that prepare by or use by auditors as part of their works. Those documents include the summary of the client’s nature of the business, business process flow, audit program, documents or information obtained from the client as well as audit testing documents.
Audit working papers are sometimes referred to as audit documents that are a very imported part of audit works. These documents are evidence that supports auditors to make their conclusion on the financial statements.
Example:
Here is the example of audit working papers:
- Audit documents on client nature of business
- Audit documents of team meeting
- Evidence of the planning process including audit programs and any changes thereto
- Evidence of the auditor’s consideration of the work of internal audit and conclusions reached
- Analyses of transactions and balances
- Analyses of significant ratios and trends
- Identified and assessed risks of material misstatements
- A record of the nature, timing, extent, and results of audit procedures
- Evidence that the work performed was supervised and reviewed
- An indication as to who performed the audit procedures and when they were performed
- Details of audit procedures applied regarding components whose financial statements are audited
- Result of audit testing on depreciation expenses
- Result of audit testing on salaries expenses