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a) The details that should b contained in each working paper prepared by an auditor include:
- The audit objective that the auditor is trying to test by the information contained in the working paper;
- Details of the source of information documented in the working paper;
- Details of the person who prepared the working paper;
- Details of review of the working paper
- The date of preparation
b) Each client schedule used as a working paper should indicate:
- The client personnel who prepared the working paper;
- The date of preparation
c) An audit programme should include the following:
- The accounting area or balance to which the audit programme relates to;
- The audit objective that the auditor is testing;
- The audit procedures to be carried out;
- The conclusion on the audit objective basing on the evidence obtained;
- The details of the person who prepared the programme, the reviewer and date of review.
d) A permanent audit files contains information that is relevant for more than one financial year i.e information that is useful to the auditor for more than one financial year and is not specific to a single financial period. For example the letter of
engagement is contained in a permanent audit file. The engagement letter contains the terms of the contract between the auditor and the client. This information is required by the auditor in every financial period.
On the other hand the current audit file contains information that is relevant for the current financial period under audit. For example confirmations obtained from debtors are only relevant for the specific financial period being audited. Audit working papers provide evidence on the audit objective that the auditor was testing, information obtained in relation to that audit objective and the conclusion drawn by the auditor as supported by the evidence documented in the working papers.
Wilfykil answered the question on February 21, 2019 at 06:52
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