What documentation is included in audit working papers?

What documentation is included in audit working papers?

What are Audit Working Papers?

• Checklists of standard investigation items that were completed, and by whom.
• Copies of correspondence.
• Documentation of the assertions investigated and supporting evidence found.
• Extracts from the corporate minutes of the client.
• Flowcharts of a client’s key transaction processes.

How do you prepare working papers for an audit?

Typically each audit working paper must be headed with the following information:

1. The name of the client.
2. The period covered by the audit.
3. The subject matter.
4. The file reference (3)
5. The initials (signature) of the member of staff who prepared the working paper, and the date on which it was prepared.

How do you do a documentation audit?

Audit Documentation: The Steps of Conducting an Audit Continued

1. Receive vague audit assignment.
2. Gather information about audit subject.
3. Determine audit criteria.
4. Break the universe into pieces.
5. Identify inherent risks.
6. Refine audit objective and sub-objectives.
7. Identify controls and assess control risk.
8. Choose methodologies.

What are the different types of audit documentation?

The types of audit documentation that should be assembled include the following:

• Analyses conducted.
• Audit plans.
• Checklists.
• Confirmation letters.
• Memoranda and correspondence regarding issues found.
• Representation letters.
• Summaries of significant findings.

Why are audit working papers prepared?

Working papers are important because they: are necessary for audit quality control purposes. provide assurance that the work delegated by the audit partner has been properly completed. provide evidence that an effective audit has been carried out.

What is a documentation audit?

Objectives of Audit Documentation Audit documentation is the written record of the basis for the auditor’s conclusions that provides the support for the auditor’s representations, whether those representations are contained in the auditor’s report or otherwise.

What are the 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.

What is the main purpose of audit documentation?

Documentation serves multiple purposes: it aids the planning and performance of the audit, it facilitates and supports review, it helps demonstrate the application of the requirements of applicable professional standards, and it supports the evaluation of the sufficiency and appropriateness of evidence obtained and the …

What are the objectives of audit working papers?

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.

What is the audit documentation?

Audit documentation is the written record of the basis for the auditor’s conclusions that provides the support for the auditor’s representations, whether those representations are contained in the auditor’s report or otherwise. Audit documentation also may be referred to as work papers or working papers .

How does audit documentation contribute to the quality of an audit?

The process of preparing and reviewing audit documentation contributes to the quality of an audit. Audit documentation serves to (1) provide the principal support for the audit report, (2) aid auditors in conducting and supervising the audit, and (3) allow for the review of audit quality.

Is your audit documentation prepared in time for ISA 230?

It is therefore not surprising that timely preparation of audit documentation (working papers) is a mandatory requirement of ISA 230. As to audit documentation in general, it seems that many students do not fully appreciate the extent to which audit documentation should be prepared, and its form and content.

How do you write an audit documentation?

Initial only significant document. Create a checklist and include it at the front of the audit documentation. Initial the binder. Write up review comments and include them in the audit documentation.

What is papaw-AWP 1 workshop?

PAW-AWP 1 workshop is specially designed for audit working paper preparers of small and medium-sized public accounting firms (SMPs), with little or no practical audit experience to equip themselves with the necessary audit knowledge and understanding of the audit documentation requirements. No funding Available!