What is the importance of Audit Working Papers?

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Audit working papers are detailed information about the facts & truth found during the course of audit prepared by Auditor or his representatives. These papers are mainly useful for Auditor as reference if required in future. working papers are for internal records of auditors and they are not published in Audit Report. Examples:

• Cash Balance Confirmation signed by staff members
• Inventory on Hand Confirmation signed by staff members
• Details of Assets Confirmation signed by staff members
• Inter Company Balances  Confirmation signed by staff members
• Advances to staff Balances  Confirmation signed by staff members
• Balance confirmation from third party.
• Bank Balance confirmation.
• Details about contingency if any.

Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was: Properly planned; ... That the evidence is sufficient and appropriate to support the audit opinion.

Audit working papers are assurance prove or evidence to support the audit work done in accordance with the relevant auditing standards(IFRS). It supports the audit plan from investigations conducted and throws light as audit evidence. This evidence is sufficient and appropriate to support the audit opinion.

Audit is a structured process and the working papers are the best testimony.

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1. Working papers assist in the planning and performance of the audit.
2. Working papers are necessary for audit quality control purposes.
3. Working papers provide assurance that the work delegated by the audit partner has been properly completed.
4. Working papers provide evidence that an effective audit has been carried out.
5. Working papers increase the economy, efficiency, and effectiveness of the audit.
6. Working papers contain sufficiently detailed and up-to-date facts which justify the reasonableness of the auditor’s conclusions.
7. Working papers retain a record of matters of continuing significance to future
8. 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.
9. 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.
10. The working papers enable the auditor to prepare the report to be issued without much waste of time.

One cannot underestimate the importance of Audit working papers as it tells you the whole story how the Audit started , what were covered and how it lead to conducting the audit. It also shows :

• Whether audit was properly planned or not;
• How Audit was carried out;
• Whether there was adequate supervision or not;
• That the appropriate review was undertaken; & finally and most importantly;
• That the evidence is sufficient and appropriate to support the audit opinion.

well it can be useful for future audits. it creates the main evidences during execution stage and we rely on this working and the whole audit report is based on these working paper

they helps the external auditor to plan his audit and efernce the figures

Audit working papera are important because they:

- are necessary for audit quality control purposes

- provide assurance that the work delegated by the audit partner has been properly completed

- provide evidence that an effective audit has been carried out

- contain sufficiently-detailed and au-to-date facts which justify the reasonableness of the auditor's conclusions

- increase the 3Es of the audit, and

- retain a record of matters of continuing significance to future audits

 these papers is the  basic for the auditor . contain the  loop  of the auditing and parameters of it

it should include ,the important items to be audited, the range , the quires, and the explanation of each quires, it is the backbone of the audit work