What is the purpose of working papers and how are they used?

Working papers are summary documents used by accountants and auditors to prepare financial statements. They act as supporting documentation that organizes and supports up the information found in management reports and financial statements, and they also summarize information found in other client documents.

What are the benefits of audit working paper?

What are the advantages of audit working papers?

• 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.
• increase the economy, efficiency, and effectiveness of the audit.

What are the objectives of audit papers?

Objectives of Audit Working Papers They depict the progress of the work done by the auditor and his staff. They also help the auditor in the preparation of auditor’s report. In case of any legal dispute or court proceedings in the future, these papers can be presented as evidence in court.

What are the purposes of internal audit working papers?

Working papers provide evidence that the audit work has been completed to a sufficient standard and support the auditor’s conclusions. The working papers should stand alone in that an experienced auditor with no connection to the audit who reads them can see how the conclusions and recommendations have been arrived at.

What are the major functions of Audit working papers?

Working papers provide basic evidence of audit conducted in accordance with standard audit practices. They help the auditor in writing the report. The quality of audit work performed by the auditor can be judged by the character and contents of working papers prepared and maintained by the auditor.

How can audit working papers help the Auditor?

The working papers serve the auditor both as useful audit tool as well as a permanent record of the audit work performed.

What is purpose of Audit working paper?

Audit working papers are used to document the information gathered during an audit . They provide evidence that sufficient information was obtained by an auditor to support his or her opinion regarding the underlying financial statements.

What are the advantages of Audit working papers?

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