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Working Papers, Audit File, Indexing Etc.

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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Kaushal Agarwal
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1K views

Working Papers, Audit File, Indexing Etc.

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.

Uploaded by

Kaushal Agarwal
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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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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