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متابعة

Can you explain why it is necessary for an auditor to prepare working papers?

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تم إضافة السؤال من قبل Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
تاريخ النشر: 2016/03/07
Mohammed Baboo
من قبل Mohammed Baboo , Accountant , Al Mulla Converting Industries and Al Mulla Logistics Services

Working Papers are hard Evidence for an Auditor to Trace in Future.

Frank Mwansa
من قبل Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

Working papers are necessary for the following reasons:

1.  So that the reporting partner can be satisfied that work delegated has been properly performed

2. To provide, for future reference, detail of problems encountered , evidence of work performed and conclusions drawn therefrom in arriving at the audit opinion.

3. Their preparation encourages a methodical approach.

4. To facilitate review.

5. To provide evidence that Auditing Standards have been followed.

Rehan Qureshi
من قبل Rehan Qureshi , Financial Consultant , Self Employeed

Importance of audit working papers

 

Working papers assist in the planning and performance of the audit.

Working papers are necessary for audit quality control purposes.

Working papers provide assurance that the work delegated by the audit partner has been properly completed.

Working papers provide evidence that an effective audit has been carried out.

Working papers increase the economy, efficiency, and effectiveness of the audit.

Working papers contain sufficiently detailed and up-to-date facts which justify the reasonableness of the auditor’s conclusions.

Working papers retain a record of matters of continuing significance to future

The preparation of the working papers is a means to give training to the audit clerks as to how to summarize the work done by them.

The working papers enable the auditor to point out to the client the weakness of the internal control system in operation and inefficiency of the accountancy He may, therefore, be in a position to advise his client as to how to avoid such pitfalls.

The working papers enable the auditor to prepare the report to be issued without much waste of time.

He can know that his assistants had followed his instructions.

Mohammad Shoaib
من قبل Mohammad Shoaib , Tax manager and Financial Analyst , CPECC-CNPC

its important to give an overview of the company outlook.

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