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    Audit and Working Papers

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    Joseph Pamaong
    The document discusses the purpose and importance of working papers in an audit. It states that working papers constitute the principal record of the work done and conclusions reached by the auditor. They serve a dual purpose - as an aid during the audit and later as support for the auditor's opinion. The working papers must contain an adequate record of the audit procedures and conclusions. The quantity, type, and content of working papers varies depending on factors like the nature of the auditor's report and client's records.

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    Audit and Working Papers

    Uploaded by

    Joseph Pamaong
    239 views2 pages
    The document discusses the purpose and importance of working papers in an audit. It states that working papers constitute the principal record of the work done and conclusions reached by the auditor. They serve a dual purpose - as an aid during the audit and later as support for the auditor's opinion. The working papers must contain an adequate record of the audit procedures and conclusions. The quantity, type, and content of working papers varies depending on factors like the nature of the auditor's report and client's records.

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    Audit and Working Papers

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    The document discusses the purpose and importance of working papers in an audit. It states that working papers constitute the principal record of the work done and conclusions reached by the auditor. They serve a dual purpose - as an aid during the audit and later as support for the auditor's opinion. The working papers must contain an adequate record of the audit procedures and conclusions. The quantity, type, and content of working papers varies depending on factors like the nature of the auditor's report and client's records.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    239 views2 pages

    Audit and Working Papers

    Uploaded by

    Joseph Pamaong
    The document discusses the purpose and importance of working papers in an audit. It states that working papers constitute the principal record of the work done and conclusions reached by the auditor. They serve a dual purpose - as an aid during the audit and later as support for the auditor's opinion. The working papers must contain an adequate record of the audit procedures and conclusions. The quantity, type, and content of working papers varies depending on factors like the nature of the auditor's report and client's records.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    AUDIT AND WORKING PAPERS

    INTRODUCTION
    1 The auditor prepares working papers as part of his work on every audit engagement. The
    information contained in working papers constitutes the principal record of the work that the auditor
    has done and the conclusions that he has reached as a result of his work. This Section discusses
    the organization, form and content, indexing and other matters relating to working papers. It does
    not deal with the auditing procedures applicable in any given case, but with the record that should
    be made of them.
    There is a need for developing on each engagement the kind of working papers best suited to the
    conditions of that engagement. It is desirable for all the members of the audit team to take the
    same general approach to the organization and preparation of working papers.
    ! The matters discussed in this Section are of general applicability on audit engagements. The
    peculiarities of specialized industries and their impact on the preparation of working papers are not
    dealt with. "owever, much of the discussion in this Section applies to the preparation of working
    papers generally, which can be modified to suit the uni#ue circumstances of specialized
    engagements.
    PURPOSE OF WORKING PAPERS
    $ %orking papers generally have a dual purpose. %hile the examination is in progress, they serve as
    tool to aid the auditor in the conduct and review of his work. &fter it is completed, they provide an
    important support for the auditor's opinion, including his representation as to compliance with the
    standards of field work which is implicit in the reference in his report to generally accepted auditing
    standards. They serve as the sole evidence which enables the auditor to defend himself in the
    event his work is challenged in the future.
    ( To meet these purposes, the working papers should be planned and used so as to further the most
    efficient and economical execution of the engagement. They must contain an ade#uate and
    complete record of the audit procedures followed in the examination of the financial statements and
    the conclusions reached as a result of it.
    ) %orking papers should fit both the circumstances and the auditor's needs on an engagement. The
    #uantity, type and content of working papers for specified engagements is generally affected by the
    following factors*
    The nature of the auditor's report
    The nature of the financial statement, schedules, or other information on which the auditor is
    reporting
    The nature and condition of the client's records
    The degree of reliance on internal accounting controls
    The needs in the particular circumstances for supervision and review of the work

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