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• Definition/Meaning
• Objectives
•Advantages
•Desirable Characteristics of Working Papers
•Organization of Audit Files
•Ownership
•Lien
Documentation = Audit Working Papers
Audit working papers “constitute all documents
prepared or obtained or retained by the auditor during
the audit and the audit conclusions.
Audit working papers are the connecting link between
the client’s accounting records and the auditor’s
report.
Audit Working papers are the written records kept by
the auditor of: (1) the evidence accumulated during
the course of audit, (2) the methods and procedures
followed and (3) the conclusions reached . They
include all information that the auditor considers
necessary to adequately conduct his examination and
provide support for his report.
Objectives/Utility of Working papers
Principal Objectives: Serve as auditor’s principal record of
work performed and conclusions reached regarding significant
matters.
 Provide evidence of the auditor’s basis for a conclusion about
the achievement of overall objectives of the auditor .
 Provide evidence that the audit was planned and performed in
accordance with standards on auditing and applicable legal and
regulatory requirements.
Other Objectives
 Assisting the audit team to plan and perform the audit.
 Assisting the members of the audit team responsible for
supervision to direct and supervise the audit work, and to
discharge their review responsibilities in accordance with
Quality Control for Audits
 Enabling the audit team to be accountable for work.
 Retaining a record of matters of continuing significance for
future audits.
 Enabling an experienced auditor to conduct quality control
reviews and inspections in accordance with standards of
auditing generally accepted in India.
 Enabling the experienced auditor to conduct external inspection
in accordance with applicable legal, regulatory and other
requirements.
Form, Content and Extent of documentation
(a) The auditor shall prepare audit documentation that is sufficient to
enable an experienced auditor, having no previous connection
with the audit, to understand –
 The nature, timing and extent of audit procedures performed to
comply with the SAs and applicable legal and regulatory
requirements.
 The result of the audit procedures performed, and the audit
evidence obtained.
 Significant matters arising during the audit, the conclusions
reached thereon and significant professional judgments made in
reaching those conclusions.
Form, Content and Extent of documentation
(b) In documenting the nature, timing and extent of audit procedures
performed, the auditor shall record:
 The identifying characteristics of the specific items or matters
tested.
 Who performed the audit work and the date on which such work
was completed.
 Who reviewed the audit work performed and the date and extent
of such review.
Content of Working Papers
Working papers should state:
 Client’s Name
 Type of Engagement
 Nature of Client’s Business
 Degree of reliance on Internal Controls
 Sources of Information
 Conclusion Reached
 Supervision and Review of Work performed by Assistants
Filing of Working Papers
In case of recurring audits, some working paper files may be
classified as “ Permanent Audit Files” which are updated with
information of continuing importance to succeeding audits, as
distinct from “Current Audit Files” which contain information
relating primarily to the audit of a single period.
Audit Files
Permanent Files Current Files
Content of Permanent Files
Memorandum and Articles of association of the Company.
By-laws or Regulations in case of Society or Co-operative Society
Record of Study and Evaluation of Internal Control.
Copies of audited Financial Statements of previous years.
Record of communication with retiring auditor.
Notes regarding significant accounting policies
Important Audit Observations of previous years.
Content of Current Files
Correspondence relating to acceptance of annual appointments
Minutes of meetings of Board of Directors or Executive
Committee.
Audit programme
Evidence of work performer by the assistants and reviewed by
seniors.
Communication with client regarding audit matter.
Letters of Representation
Confirmation from clients and third parties.
Conclusion reached about significant aspects of audit.

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Documentation

  • 1. • Definition/Meaning • Objectives •Advantages •Desirable Characteristics of Working Papers •Organization of Audit Files •Ownership •Lien
  • 2. Documentation = Audit Working Papers Audit working papers “constitute all documents prepared or obtained or retained by the auditor during the audit and the audit conclusions. Audit working papers are the connecting link between the client’s accounting records and the auditor’s report. Audit Working papers are the written records kept by the auditor of: (1) the evidence accumulated during the course of audit, (2) the methods and procedures followed and (3) the conclusions reached . They include all information that the auditor considers necessary to adequately conduct his examination and provide support for his report.
  • 3. Objectives/Utility of Working papers Principal Objectives: Serve as auditor’s principal record of work performed and conclusions reached regarding significant matters.  Provide evidence of the auditor’s basis for a conclusion about the achievement of overall objectives of the auditor .  Provide evidence that the audit was planned and performed in accordance with standards on auditing and applicable legal and regulatory requirements.
  • 4. Other Objectives  Assisting the audit team to plan and perform the audit.  Assisting the members of the audit team responsible for supervision to direct and supervise the audit work, and to discharge their review responsibilities in accordance with Quality Control for Audits  Enabling the audit team to be accountable for work.  Retaining a record of matters of continuing significance for future audits.  Enabling an experienced auditor to conduct quality control reviews and inspections in accordance with standards of auditing generally accepted in India.  Enabling the experienced auditor to conduct external inspection in accordance with applicable legal, regulatory and other requirements.
  • 5. Form, Content and Extent of documentation (a) The auditor shall prepare audit documentation that is sufficient to enable an experienced auditor, having no previous connection with the audit, to understand –  The nature, timing and extent of audit procedures performed to comply with the SAs and applicable legal and regulatory requirements.  The result of the audit procedures performed, and the audit evidence obtained.  Significant matters arising during the audit, the conclusions reached thereon and significant professional judgments made in reaching those conclusions.
  • 6. Form, Content and Extent of documentation (b) In documenting the nature, timing and extent of audit procedures performed, the auditor shall record:  The identifying characteristics of the specific items or matters tested.  Who performed the audit work and the date on which such work was completed.  Who reviewed the audit work performed and the date and extent of such review.
  • 7. Content of Working Papers Working papers should state:  Client’s Name  Type of Engagement  Nature of Client’s Business  Degree of reliance on Internal Controls  Sources of Information  Conclusion Reached  Supervision and Review of Work performed by Assistants
  • 8. Filing of Working Papers In case of recurring audits, some working paper files may be classified as “ Permanent Audit Files” which are updated with information of continuing importance to succeeding audits, as distinct from “Current Audit Files” which contain information relating primarily to the audit of a single period. Audit Files Permanent Files Current Files
  • 9. Content of Permanent Files Memorandum and Articles of association of the Company. By-laws or Regulations in case of Society or Co-operative Society Record of Study and Evaluation of Internal Control. Copies of audited Financial Statements of previous years. Record of communication with retiring auditor. Notes regarding significant accounting policies Important Audit Observations of previous years.
  • 10. Content of Current Files Correspondence relating to acceptance of annual appointments Minutes of meetings of Board of Directors or Executive Committee. Audit programme Evidence of work performer by the assistants and reviewed by seniors. Communication with client regarding audit matter. Letters of Representation Confirmation from clients and third parties. Conclusion reached about significant aspects of audit.