Proper Features of Working Papers
- Reviewed by auditors with supervisors noted.
- Signed, dated and approved by relevant level of audit staff with sufficient cross reference.
- With evidence of effective audit planning, work done, sufficient and quality evidence.
- Outstanding matters are cleared in due course.
There are a number of companies who offer electronic working paper tools for accountants. The leading providers include: Wolters Kluwer, CaseWare, Thomson, Data Prime Solutions, WorkPapers.Pro and Saltlake Infosolutions. Their products are TeamMate, CaseWare Working Papers, Engagement CS, Draftworx, WorkPapers and APEX Audit System respectively.
Audit Working Paper Format 1. The diversity of audit assignment prevents the establishment of a single system or design of working papers to be used. Therefore, a uniform working paper format may not be used but work papers for functional areas such as cash receipts should display conformity in various types of audits. 2. Work papers may be in the form of paper, tapes, disks, diskettes, films, etc. There should be backup copies of electronically generated working papers. The backup copies should not be stored with the original copies.
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