Audit Working Papers
Chapter 10 AUDIT WORKING PAPERS
Section 1000 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1013
Contents Purpose Importance of Working Papers Confidential Nature of Working Papers Purposes Served by Working Papers Planning and Preparing Working Papers Principles and Methods of Documentation Working Paper Format Specific Standards for Each Workpaper Review of Audit Workpapers Arranging and Filing Standardized Workpapers Retirement of Audit Workpapers Special Project Workpapers Backup and Recovery of Electronic Files
Page 10-1 10-1 10-1 10-2 10-3 10-3 10-4 10-4 10-6 10-7 10-7 10-8 10-8 10-9
Chapter 10 - Audit Working Papers 1000. Purpose 1. This chapter prescribes the standards and procedures for the preparation, contents, use, retention, and disposition of audit working papers. The diversity of audit assignments does not permit the establishment of a single system or design of working papers to be used throughout the auditor's office but conformity as to quality and standards should exist.
2.
1001. Importance of Working Papers 1. Working papers are instruments vital to the successful accomplishment of all audit assignments performed. The working papers provide documented evidence of an examination and evaluation and provide a connecting link between the work which is performed and the final audit report. Hence, their importance cannot be overly emphasized. To a major extent, every auditor is judged by his skill and ability in preparing working papers. When working papers are prepared in good form with proper attention to layout, design, and legibility, with complete headings, explanations of sources, and verification of work performed, they create a feeling of confidence in the ability of the staff member. Working papers should always convey an impression of system and order and conscientious attention to detail, coupled with a clear distinction between the important and the trivial. Another test of good working papers occurs when it is
Section 1000 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1013
Contents Purpose Importance of Working Papers Confidential Nature of Working Papers Purposes Served by Working Papers Planning and Preparing Working Papers Principles and Methods of Documentation Working Paper Format Specific Standards for Each Workpaper Review of Audit Workpapers Arranging and Filing Standardized Workpapers Retirement of Audit Workpapers Special Project Workpapers Backup and Recovery of Electronic Files
Page 10-1 10-1 10-1 10-2 10-3 10-3 10-4 10-4 10-6 10-7 10-7 10-8 10-8 10-9
Chapter 10 - Audit Working Papers 1000. Purpose 1. This chapter prescribes the standards and procedures for the preparation, contents, use, retention, and disposition of audit working papers. The diversity of audit assignments does not permit the establishment of a single system or design of working papers to be used throughout the auditor's office but conformity as to quality and standards should exist.
2.
1001. Importance of Working Papers 1. Working papers are instruments vital to the successful accomplishment of all audit assignments performed. The working papers provide documented evidence of an examination and evaluation and provide a connecting link between the work which is performed and the final audit report. Hence, their importance cannot be overly emphasized. To a major extent, every auditor is judged by his skill and ability in preparing working papers. When working papers are prepared in good form with proper attention to layout, design, and legibility, with complete headings, explanations of sources, and verification of work performed, they create a feeling of confidence in the ability of the staff member. Working papers should always convey an impression of system and order and conscientious attention to detail, coupled with a clear distinction between the important and the trivial. Another test of good working papers occurs when it is