Contents of working papers - audit, Auditing

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.

Posted Date: 1/25/2013 12:27:16 AM | Location : United States

Related Discussions:- Contents of working papers - audit, Assignment Help, Ask Question on Contents of working papers - audit, Get Answer, Expert's Help, Contents of working papers - audit Discussions

Write discussion on Contents of working papers - audit
Your posts are moderated
Related Questions
(a) Define each of the following four concepts. -Master Data Management -Data Quality -Data Governance -Cloud Computing Explain how they relate to the various Busine

how to operate distribute amount and section rate also provision party bill

How would you value the Goodwill

Statistical sampling - Advantages A. It is defensible and scientific; B. It gives a precise mathematical statement for probabilities of to be correct; C.  It is efficien

Adjusting Events - Audit Process Adjusting events are those such give evidence of conditions such existed at the balance sheet date as the settlement of a court case than the

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Ans: It is in the interest of both client and auditor t

Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.

how to calculate materiality given the acoountin period information