Features of audit working papers:
•• All working papers (without exception) should show by whom they were prepared and when, and when they were reviewed and/or updated, and by whom, by means of signatures and dates – these may be electronic in the case of electronic working papers.
•• Audit planning documentation should include the risk assessment which should be cross referenced to the audit program, and the audit program should be cross referenced to the audit working papers and vice versa.
•• Working papers showing the work performed should be cross referenced to the audit program and the lead schedule on that particular section of the audit file, and should describe the nature of the work performed, the evidence obtained, and the conclusions reached.
•• Each section of the audit file should have a lead schedule which should be cross referenced back to the relevant working papers.
•• Trial balances should be cross referenced back to the relevant section of the audit file, and cross referenced forward to the financial statements.
•• The financial statements should be cross referenced to the trial balance.
•• Schedules of unadjusted differences should be cross referenced to the sections of the file to which they relate.
•• Schedules of review points should all be ‘cleared’ to show that all outstanding matters have been dealt with.
Wilfykil answered the question on April 12, 2019 at 08:52
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