Documenting Auditing Work
dDocumentation refers
to the working papers prepared by auditor in the process of conduction
his audits. These include copies or extracts taken out from the books
of accounts, calculations and workings for arriving at figures, replies
to questionnaires received from the auditee etc.
The first documents to be prepared is the audit plan stating the nature
of audit, scope of work to be done and other particulars of the client
as well s the auditing team.
The documentation should keep a record of all the auditing procedures
performed and the conclusions drawn from such procedures with evidences
obtained. These papers must be kept properly files and indexed for
future referencing. The working papers must be standardized and should
meet the needs of the auditor for making an unbiased opinion on the
auditing performed by this team.
The audit documentations also allow the auditor to delegate the work
with proper controls. All significant matters which require the making
of any judgment or forming an opinion should be well documented with
supporting documentary evidence. For improving efficiency and cutting
down time the auditor often uses schedules and statement s prepared by
the client. The auditing team must ensure that the client had taken due
care in preparation of such documents and should at all times obtain a
written record from the client that it has prepared the documents with
proper and due care.
Working papers are the property of the Auditor and if requested may
supply extracts of his working to the client. The confidentiality of
working papers must not be compromised under any situations and should
be kept under proper custody. These papers are required to be retained
as per the law of land for a certain period of time and the needs of
his own practice and satisfy any legal or professional requirement for
record retention.