Contents of Working Papers - Audit

The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along with no previous relationship along with the audit to ascertain from them that what work was performed and to help the conclusions reached.  It emphasizes the particular care needed also to record tricky questions of judgment or of principle.  The auditor may record each relevant information known to him on the time, the results to be reached stands on which information and the management's views.

Since the guideline does not attempt to explain precisely the form of working papers it does indicate that what should physically be obtains therein as follow:

a) Information that will be of continuing significance to the audit as e.g. Articles of Association and Memorandum;

b) Audit planning information;

c) The auditor's assessment of the enterprise's accounting system and, whether suitable for his evaluation and review of its internal controls;

d) Information of the audit work carried out, notice of exceptions found or of errors and action taken thereon, together along with the results, drawn through the audit staff who that performed the various sections of the work;

e) Evidence which the work of the audit staff such has been properly reviewed;

f) Records of other financial and relevant balances information involving summaries and analysis supporting the financial statements;

g) A summary of considerable points affecting the financial statements and the audit report, displaying how these points were dealt along with.

Working papers are unadventurously subdivided in permanent and convenience and current files for control.  The feature of current working papers is which they relate particularly to the audit of a specifically set of accounts where permanent papers comprise issues of carrying on importance affecting the client. Therefore items (a) and (c) over on the permanent file are typically retained.