What Are The Benefits Of Audit Working Papers?

Question

What Are The Benefits Of Audit Working Papers?

2 Answers

Answer Question

Answer 1

– Provides evidence of the auditor’s basis for a conclusion about the achievement of the overall objective of the audit.
– Provides evidence that the audit was planned and performed in accordance with ISAs and applicable legal and regulatory requirements.
– Assists the engagement team to plan and perform the audit.
– Assists members of the engagement team responsible for supervision to direct, supervise and review the audit work.
– Enables the engagement team to be accountable for its work.
– Retains a record of matters of continuing significance to future audits.

Answer 2

Provides an organized approach to the audit particularly through the use of electronic templates for internal control questionnaires and audit programmes and other audit documentation schedules that can readily be adapted to the client's circumstances ;it also permits several staff members to work on one engagement in a coordinated manner and provides and efficient means of communicating results of the audit work to the engagement team and the engagement quality control reviewer,since they will be familiar with the standard form of working paper layout.