Audit working papers are the outcome of the documentation process. Working papers are the record of various audit procedures performed, audit evidence obtained, allocation of work between audit team members etc. Audit working papers are the documents and evidence that an auditor collects and retains with himself during the audit.
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They constitute all the audit evidence that an auditor obtains. Also, it contains various procedures that he applies to indicate that the audit is performed by him.
The auditor and his audit team members prepare the audit working papers while performing the audit. Working papers are connecting link between the client’s records and audited financial statements.
Working papers provide entity’s historical records as well as matters which should be taken care and given due importance while performing future audit’s of such entity.
Audit working papers help auditor in audit planning and collecting evidence of the audit work performed on which his opinion is based.
Working papers helps auditor in allocating the time required for performing various audit procedures. The working paper helps auditor to maintain a record of various matters discussed with management while conducting an audit.
Also, the working papers help audit team members to understand entity’s business, points which they need to check on a priority basis, queries and actions against them in previous audits. Working papers helps auditor in future cases to protect himself if the client files a suit against auditor for auditor’s negligence while conducting the audit.
A permanent audit file contains information which is of continuous interest and is relevant in future audits. Information like articles of association, loan agreements, leases, documents related to internal control of the entity, record of accounting policies followed by the entity on a continuous basis, significant observations of previous audits etc.
A current audit file contains information regarding audit conducted for the current period. It includes information like financial statements and audit report of the entity, trial balance and worksheets, records regarding internal control risk of an entity, external confirmations received, queries of auditor and reply received from the management etc.
Question: State whether the working papers are the property of the client or auditor. Whether the client can demand custody of such working papers?
Answer: – Working papers are the record of various audit procedures performed, audit evidence obtained, allocation of work between audit team members etc.Audit working papers are the documents and evidence that an auditor collects and retains with himself during the audit. Thus, the audit working papers are the property of auditor and not of the client. No, client cannot demand custody of such working papers. The auditor may on his discretion make portions of or extracts of working papers available to his client. But the client cannot ask the auditor for the custody of working papers.
