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    Working Papers, Audit File, Indexing Etc.

    Uploaded by

    Kaushal Agarwal
    This document discusses documentation standards for auditing. It defines working papers as records prepared by auditors detailing procedures applied, tests performed, information obtained, and conclusions reached during an audit. Working papers should contain details of the client, engagement, business, reliance on internal controls, procedures, tests, evidence, and conclusions. The audit file should be properly assembled, indexed, cross-referenced, and documented before submission. Working papers are classified as either permanent file contents or current audit file contents. The auditor's file should be arranged systematically and indexed with a table of contents for easy reference.

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    Working Papers, Audit File, Indexing Etc.

    Uploaded by

    Kaushal Agarwal
    1K views2 pages
    This document discusses documentation standards for auditing. It defines working papers as records prepared by auditors detailing procedures applied, tests performed, information obtained, and conclusions reached during an audit. Working papers should contain details of the client, engagement, business, reliance on internal controls, procedures, tests, evidence, and conclusions. The audit file should be properly assembled, indexed, cross-referenced, and documented before submission. Working papers are classified as either permanent file contents or current audit file contents. The auditor's file should be arranged systematically and indexed with a table of contents for easy reference.

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    1. Working papers, audit file, indexing etc.

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    This document discusses documentation standards for auditing. It defines working papers as records prepared by auditors detailing procedures applied, tests performed, information obtained, and conclusions reached during an audit. Working papers should contain details of the client, engagement, business, reliance on internal controls, procedures, tests, evidence, and conclusions. The audit file should be properly assembled, indexed, cross-referenced, and documented before submission. Working papers are classified as either permanent file contents or current audit file contents. The auditor's file should be arranged systematically and indexed with a table of contents for easy reference.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    1K views2 pages

    Working Papers, Audit File, Indexing Etc.

    Uploaded by

    Kaushal Agarwal
    This document discusses documentation standards for auditing. It defines working papers as records prepared by auditors detailing procedures applied, tests performed, information obtained, and conclusions reached during an audit. Working papers should contain details of the client, engagement, business, reliance on internal controls, procedures, tests, evidence, and conclusions. The audit file should be properly assembled, indexed, cross-referenced, and documented before submission. Working papers are classified as either permanent file contents or current audit file contents. The auditor's file should be arranged systematically and indexed with a table of contents for easy reference.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Documentation

    Prescribed standard on Auditing:


    SA 230: Documentation (Revised)

    Documentation refers to the working papers prepared or obtained by auditor in


    connection with performance of Audit.

    Working papers refers to records prepared by auditors of procedure applied, tests


    performed, information obtained and conclusion reached.

    Working Papers should contain the following:


    a) Client’s name
    b) Type of engagement
    c) Nature of client’s business
    d) Degree of reliance on internal control
    e) Procedure applied
    f) Test performed
    g) Evidence obtained
    h) Conclusion drawn
    i) Supervision and review of work performed by assistant

    Assembly of Audit File: Before submission of Audit file at the office, audit file should
    be assembled in all the aspect. This includes:
    a) Filling
    b) Indexing
    c) Cross Referencing
    d) Documentation of Control sheet of Accounts
    e) Documentation of Content of current file

    For the purpose of documentation, working papers can be classified into two parts:
    a) Contents of permanent file
    b) Contents of Current Audit file

    Filling, Indexing & Cross referencing

    Auditor working file should be arranged in proper manner and index of such arrangement
    should be prepared and attached at the top of file. It should be in the following sequence:
    a) Daily progress report of student
    b) Advance requirement sheet
    c) Audit Programme.
    d) Audit note Book
    e) Audit Evidence: They should be arranged in order of their relevance. Further. All
    the evidence related to particular aspect should be kept at the one place.
    f) Final Trial Balance
    g) Grouping Sheet
    h) Financial Statement
    i) Final Audit note
    j) Audit Report
    k) Audit conclusion

    Where any of above item is in soft copy, same can be mentioned in the indexed itself
    specifying the path of sever.

    An Index of file should be prepared and attached in the file. Index can be prepared in the
    following format:

    Sl.No Particulars Page No.

    After preparing index it should be cross referenced with working papers in the audit file.
    For this, Page No mentioned in the index should be written over the working paper and
    evidence paper so that they can be easily traceable in the file.

    Further, in case where details in one statement are cross checked with details in other
    paper. They should be cross reference by mentioning the Sl. No of those details as per
    Index. Similarly all the item in Balance sheet, statement of profit and loss account and
    notes to accounts should be cross linked with the audit evidences.

    The following aspects are discussed separately in separate word file:


    a) Contents of permanent file
    b) Contents of Current Audit file

    For the text of SA refer the given path > Data 1> Audit manual > 4. Technical
    Standards> Standards on auditing.

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