This document discusses electronic working paper management for auditors. It notes that traditionally, working papers were paper-based but technology now allows electronic management. However, simply storing files on a shared drive leads to disorganization over time. The document recommends adopting electronic working paper software for benefits like version control, standardization, security, and remote access. It emphasizes training staff, defining file structures and naming conventions, and regularly backing up files to properly manage electronic working papers.

1. Audit working papers in
Electronic Environment
– effective usage and
maintenance
CA Roopa Kamath N

2. Aim
Working papers Management – traditionally
Technology breakthrough – redefining
audit trail
‘Shared drive chaos’
Electronic working paper management –
small and medium practitioners perspective
Way forward
Professional avenues

3. Working papers – traditionally
important reference points
for the entire audit
lifecycle,
a check-list-type-philosophy
Myth - working papers only
apply to the fieldwork
phase of the audit cycle.
 Bulky and deteriorates
with lapse of time

4. Common issues
People oriented
 Pen and paper based
standards for exactly
what must be included in
working papers or how
they are prepared are
loosely defined, resulting
in inconsistent practices
and quality issues among
audit departments.

5. Technology - Breakthrough
Better Analysis with the assistance of tools
like spreadsheets, open office, etc
Faster and vast coverage
Relieves from the routine work
Better presentation and unlimited storage

6. Electronic working paper – is it that simple?

7. Shared-drive ‘chaos’
 organize and store audit
project files on network
storage or email servers
 Over time, file management
becomes unruly, inefficient and
costly.
Prone to version control
errors. Select, share
and/or update a wrong or
outdated version of audit
report.

8. Electronic working paper – is it that simple?
Different methods of preparing
working papers and reporting
status.
inconsistent processes and
project workflows that are
difficult to track and control.
The result, is inconsistency in the
quality of the underlying audit
work;
variation in the look and feel of
working papers documentation;
 unpredictable productivity;
inconsistent client experiences;

9. Electronic Working paper management
Acceptance to change
Training the personnel on the
systems and application
software's
Standardise Folder structure
Where, when, what and how to
store
Define a file naming conventions
Eg : Name of client_Nature of
report_etc

10. Electronic Working paper management
Use Version control technique
Effective usage of technology
Calculations, Charts, Pivots, Graphs, Sorting,
filters, Formatting.

11. Digital working paper management
Define and prepare working paper
preparation manuals,
What to record and how to record
 What is the type of application used
Data capturing mechanism

12. Electronic Working paper Management
 Define accessibility and security
guidelines
Who can access what kind of data
Encrypting confidential data
Data protection and confidentiality
Disabling third party emailing options
Usage of IBM Lotus notes, Outlook.
 Restricted internet access.
 Define communication channel
CC and bcc .

13. Maintaining
Regular back ups and storage
Storing in pdf and embedded formats
Encrypting and compressing data
Indexing and fragmenting data
Maintain an issue query log
Move with the technology updates

14. Professional gateway
 Understanding and analysing
trends better and faster -
Consultation
 Allows to concentrate on the
core area of business.
In house user specific design
based on industry and clients
Go Green initiative – Less
paper to paper less office
 Process/work driven task force
from people driven environment

15. Way forward – related areas of
professional expertise
 Automating few routine audit process.
Electronic data is throughout,
BCP and DRP technique
Cloud based technique.
Attaining ISO for working papers
Carbon credits
 Forensic and Fraud investigation

16. EmailEmail ::
roopanrk@gmail.comroopanrk@gmail.com