The auditor must retain audit documentation for seven years from the date the auditor grants permission to use the auditor's report in connection with the issuance of the company's financial statements ( report release date ), unless a longer period of time is required by law..
Once the auditors have completed their workpapers for a given client, they must retain that audit documentation for a certain period of time.
The retention requirements of audit documentation are 5 years for nonissuers and 7 years for issuers..
The most commonly used types of audit working papers are interview summaries, reperformance, and worksheets.
They are all essential in auditing an organization's operational and financial transactions.Sep 1, 2022.
To prepare audit working papers, auditors must follow established procedures, including planning the audit, identifying risks, performing testing, and documenting their findings.
In addition, working papers should be organized, clear, and detailed enough to support the audit conclusions..
Examples of working papers are audit programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents, and schedules or commentaries prepared or obtained by the auditor.
Working papers also may be in the form of data stored on tapes, films, or other media..
The term “working papers” refers to the documents that an accountant or tax professional uses or creates in the course of their work for a client.
The work papers support their professional judgement for the actions they took in providing the bookkeeping, financials, taxes or other services to that client..
Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations..
The audit working papers assure that the audit performed was accurate and complete.
Working papers are necessary to corroborate the work and findings performed during the audit.
The document support and evidence of the findings of the audit which is essential for establishing a future plan of action..
Working papers are records kept by the auditor of the procedures applied, the tests performed, the information obtained, and the pertinent conclusions reached in the engagement..
The correct answer is (a) Provide the principal support for the auditor's report.
Audit working papers contain evidence in support of the opinion that is issued in the audit report..
Audit working papers typically include the auditor's planning documents, test results, analytical procedures, and other supporting documentation.
These papers are organized and maintained systematically to facilitate review by supervisors and other audit team members..
Examples of audit working papers include issues memoranda, audit programs, checklists, correspondence, confirmation, and representation letters.Sep 1, 2022.
The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date, for example: Are details of what is owned and what the organisation owes properly recorded in the balance sheet?.
In addition, the auditor must have obtained sufficient evidence to support the representations in the auditor's reports before the report release date.
After the report release date and prior to the documentation completion date, the auditor has 45 calendar days in which to assemble the documentation..
Auditors should prepare and organise their working papers in a manner that helps the auditor carry out an appropriate audit service.
The auditor should avoid preparing or accumulating unnecessary working papers, and should therefore avoid making extensive copies of the client's accounting records..
Working papers are essential for concluding the audit findings obtained during the course of time.
Such findings further help in providing useful recommendations based on the drawn claims or findings.
It is also useful for providing assurances pertaining to the quality standards that were followed in the audit process.Jul 21, 2021.
In general, audit working papers are obtained or prepared by audit staff or audit assistants
Another auditor then reviewed these documents with more experience and authority, such as audit managers or audit partners
Audit working papers must be filed in the correct audit files, either the current audit or permanent audit files
While audit working papers serve an essential role in the auditing process, there are limitations to their use that should be considered
Some of the limitations of audit working papers are: Limited usefulness for non-audit purposes: Audit working papers are designed to document the audit procedures and evidence gathered during an audit engagement
Working papers: Top tips Working papers record audit evidence obtained during an internal audit assurance or consulting engagement
They demonstrate the internal audit work completed and provide the link between the agreed scope of work, the audit programme and the audit report
Supreme audit institution of Indonesia
The Audit Board of Indonesia is a high state body in Indonesia which is responsible for evaluation of management and accountability of state finances conducted by the central government
And institutions or other entities which manage state finances.
2017 documents leak related to offshore investment
?million confidential electronic documents relating to offshore investments that were leaked to the German reporters Frederik Obermaier and Bastian Obermayer
From the newspaper Süddeutsche Zeitung.The newspaper shared them with the International Consortium of Investigative Journalists
And a network of more than 380 journalists.Some of the details were made public on 5 November 2017 and stories are still being released.
