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WORKING PAPERS

Are direct aid in the planning,


performance, and supervision of
the audit;

Records of audit evidence


resulting from the audit work
performed

Supporting documents for the


auditors opinion
Provide proof of the adequacy of
the audit
Importance of Working Paper
O necessary for audit quality
control purposes
O provide assurance that the work
delegated has been properly
completed
O provide evidence that an
effective audit has been carried
out
O increase the efficiency &
effectiveness of the audit
O contain sufficiently details & upto-date facts which justify the
reasonableness of the auditors
conclusions
O retain records of matters of
continuing significance to future
audits.
O permanent record and back up
material in support of the audit
findings, conclusions, opinions,
and comments.

O Demonstrate that auditors have


complied with the Standards for
the Professional Practice of
Internal Auditors.
Confidential Nature of Working
Papers
O Working papers include
information concerning the
scope of the examination and
the extent of selective tests
made, and this information
should not be available to the
staff of the audited entity.
O Audit working papers should be
safeguarded against the
unauthorized persons.
O Client or outside agency request
to review Audit and
Management Services work
papers must be approved by an
appropriate official.
Specific Standards for Each
Workpaper
O Descriptive Heading. (heading
at the top center)
O Auditor's Name and Date.
O Source of Data.
O Purpose and Scope of Audit
Work Performed
O Auditors Verification Procedures
O Auditor's Conclusions.
O Evidence of Review.

O A basis for study of patterns and


trends.
O Aid in the internal audit staff's
professional development.
O Detailed supporting material for
use in discussion with operating
personnel.
O A source of evidence in
litigation and in administrative
actions.
ADAJAR, D.
ADAJAR, M.
REYES, M.
MELENDEZ, S.

SOME CHARACTERISTICS OF A
GOOD WORKING PAPER
O It should state a clear audit
objective, usually in terms of an
audit assertion (for example, to
ensure the completeness of
trade creditors).
O It should fully state the
year/period end (eg 31 October

WORKING PAPERS
2006), so that the working
paper is not confused with
documentation belonging to a
different year/period.
O It should state the full extent of
the test (ie how many items
were tested and how this
number was determined). This
will enable the preparer, and
any subsequent reviewers, to
determine the sufficiency of the
audit evidence provided by the
working paper.
O Where there is necessary
reference to another working
paper, the full reference of that
other working paper must be
given. A statement that details
of testing can be found on
another working paper is
insufficient.
O The working paper should
clearly and objectively state the
results of the test, without bias,
and based on the facts
documented.
O The conclusions reached should
be consistent with the results of
the test and should be able to
withstand independent scrutiny.
O The working paper should be
clearly referenced so that it can
be filed appropriately and found
easily when required at a later
date.
O It should be signed by the
person who prepares it so that
queries can be directed to the
appropriate person.
O It should be signed and dated
by any person who reviews it, in
order to meet the quality
control requirements of the
review.
Tick Marks
Tick marks are symbols used by the
auditor to indicate the nature and
ADAJAR, D.
ADAJAR, M.
REYES, M.
MELENDEZ, S.

extent of procedures applied in


specific circumstance.
Tick marks are notations directly on
the working papers schedules.
Tick marks are generally done by
hand with a pen or pencil alongside a
specific item.
Indexing
Work papers are indexed, i.e., cross
referenced to aid in the organizing and
filing. Indexing work papers requires
coding the individual sheets of paper
so that needed information may be
found easily. Systems of indexing used
include:

Sequential numbering
Combinations of letters and
numbers, and
Digit position index numbers
Adjusting journal entry

The auditor does not make entries in


the clients records. The auditor
makes the entries on the work papers
and reviews their entry with the client.
Arranging and Filing
Working papers for each audit will be
retained in two standard files.
O Permanent File
O Current File
Workpapers should be filed as follows:
O Planning Folder
O Preliminary Survey Workpapers
O System Understanding
Workpapers
O Audit Fieldwork Papers
Generally, in more complex audits,
individual segment section files will be
set up for the following:

WORKING PAPERS
O

A. Each organizational unit to


be audited.

B. Each major functional area


within such units to be reviewed
during the audit.
Permanent File

The permanent file is audit work


papers containing all the data
which are of continuing
interest from year to year.
The permanent file is intended
to contain data of historical or
continuing nature pertinent to
the current audit. This file
provides a convenient source of
information about the audit that
is of continuing interest.

The permanent file usually includes


the:

Copies or excerpts of company


documents
Prior year analysis
Internal control information
including: internal control
questionnaires, flow charts,
organization charts , and a
listing of controls and control
weakness.

Current Work Paper Files

The current work paper file


contains all documentation
applicable to the year under
audit.
The current file ordinarily
includes client summary
information such as description
of the client, client industry,
client internal controls and the
auditors materials.
The current file work papers will
usually contain accountingrelated information such as trial
balances, lead schedules,
analyses of transactions and

ADAJAR, D.
ADAJAR, M.
REYES, M.
MELENDEZ, S.

balances and, if necessary,


recommended journal entries to
correct the accounts records.

The largest portion of working


papers includes the detailed
schedules prepared by the
client or the auditors in support
of specific amounts on the
financial statements.
Working Papers

SAS 41 describes working papers as


the records kept by the auditor of:
1. the procedures applied,
2. the tests performed,
3. the information obtained, and
4. the pertinent conclusions reached in
the audit.
Working Papers
Working papers provide:
1. The principal support for the
auditors report.
2. A means for coordinating and
supervising the audit.
3. Evidence that the audit was made
in accordance with GAAS.
Preparing Working Papers
The following essential techniques of
good working paper preparation
should always be observed:
1. Heading Each working paper
should contain the name of the
client, a descriptive title identifying
the content of the working paper, and
the balance sheet date or the period
covered by the audit.
2. Index number Each working paper
is give an index or reference
number, for identification and filing
purposes.
3. Cross-referencing Data on a
working paper that is taken from

WORKING PAPERS
another working paper or that is
carried forward to another working
paper should be cross-referenced
with the index numbers of those
working papers.

Current year working papers


Index and cross-referencing

Permanent files

Items of continuing audit interest


4. Tick marks Tick marks are symbols
that are used on working papers to
indicate that the auditor has
performed some procedure on the
item to which the tick mark is affixed,
or that additional
information about
the item is available elsewhere on the
working paper.
5. Signatures and dates Upon
completing their respective tasks,
both the preparer and reviewer of a
working paper should initial and date
it.
Types of Working Files

Current files

ADAJAR, D.
ADAJAR, M.
REYES, M.
MELENDEZ, S.

Types of Working papers included in


current file:

Audit administrative working


paper
Working trial balance
Lead schedules
Adjusting journal entries and
reclassification entries
Supporting schedules
Analysis of a ledger account
Reconciliations
Corroborating documents