Phase 10 EXAMINE WORKING PAPERS
Section one thousand 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1013
Material Purpose Need for Working Documents Confidential Character of Operating Papers Uses Served by simply Working Documents Planning and Preparing Functioning Papers Guidelines and Techniques of Documentation Doing work Paper File format Specific Criteria for Each Workpaper Review of Audit Workpapers Preparing and Filing Standardized Workpapers Retirement of Audit Workpapers Special Project Workpapers Back up and Restoration of Electronic Files
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Chapter 12 - Review Working Papers 1000. Purpose 1 . This kind of chapter prescribes the standards and procedures intended for the preparing, contents, make use of, retention, and disposition of audit doing work papers. The diversity of audit assignments does not enable the establishment of the single program or style of working papers to be utilized throughout the auditor's office yet conformity regarding quality and standards should exist.
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1001. Significance of Working Documents 1 . Working papers will be instruments essential to the good accomplishment of most audit tasks performed. The working papers give documented proof of an exam and analysis and provide a connecting hyperlink between the operate which is performed and the final audit record. Hence, their particular importance can not be overly emphasized. To a significant extent, every auditor is judged by simply his skill and capacity in organizing working paperwork. When functioning papers have decided in great form with proper awareness of layout, design and style, and possibility of being read easily, with full headings, answers of options, and confirmation of work performed, they produce a feeling of self confidence in the capability of the staff member. Working papers should always express an impression of system and order and conscientious attention to detail, coupled with a clear differentiation between the important and the unimportant. Another evaluation of good working papers arises when it is necessary for one employee to leave a partially completed project and turn it out to another staff member. If the second option can move forward without dilemma then the operating papers possess stood the critical evaluation of being able to stand automatically. Every auditor will be supposed to continuously strive for the highest requirements of quality in the prep of operating papers.
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1002. Private Nature of Working Documents 1 . Details obtained through audits needs to be treated as confidential not only as to outsiders but as well as to employees of the entity audited who would not otherwise have access to the data. Further, the significant papers incorporate information about the scope in the examination as well as the extent of selective tests made, and this information ought not to be available to the staff of the audited entity. Therefore , audit functioning papers needs to be safeguarded all the time against the chance of their being examined by simply unauthorized people. Client or outside agency request to examine Audit and Management Providers work paperwork must be approved by an appropriate standard. 10-1 Sept. 2010 22, 08
1003. Purposes Dished up By Function Papers 1 . Audit working papers provide four major purposes: A. They constitute a permanent record of the targets and scope of the audit, as well as the work performed during the audit. Work papers plan and put together all stages of the taxation. They develop the back-up materials in support of the audit findings, conclusions, opinions, and remarks. They contain the basic materials from which the audit record is ready. They reveal the quality and reliability with the work performed by the auditor and establish and describe in detail the opinions and findings offered to University administration.
Working documents have many additional uses both during and after the audit. They are to control review progress simply by showing the auditor what audit types of procedures...