Audit working paper checklist

internal audit working papers template

Each audit firm has its own file numbering and referencing system. Engagement letter, sets out terms of engagement. The Population selected is incorrect.

Review of audit working papers

Further this list is only for guidance and you have apply you own mind and judgment also to perform audit work logically and with professional skepticism. Devise legends symbols and a method of cross-referencing. The forms of documentation that may be contained within the working papers include the following: Checklists of standard investigation items that were completed, and by whom Copies of correspondence Documentation of the assertions investigated and supporting evidence found Extracts from the corporate minutes of the client Flowcharts of a client's key transaction processes Narrative discussions of issues found Organization charts Questionnaires for which the client provided answers In addition, there may be extensive cross referencing between the documents contained within the working papers. Advance for purchase of PPE should be thoroughly analyzed to check whether it meets the criteria to be recognized as PPE. There should be backup copies of electronically generated working papers. Consult from the relevant Auditing standard o In the over all file I have mentioned that the samples will be selected on the basis of CMA or ACL sampling technique but in some special cases you have to apply your own judgment for the selection of samples and when you exercise this judgment then you are required to document the reason. Conclusion Working papers provide evidence that an effective, efficient, and economic audit has been carried out.

Papers prepared by client Certain working papers required by the auditor may have already been prepared by client staff. It should be signed by the person who prepares it so that queries can be directed to the appropriate person.

external audit working papers template excel

There should be backup copies of electronically generated working papers. If there is no bank statements also in special cases then obtain loan statement etc as a third party document.

Working paper template

When working papers are prepared in good form with proper attention to layout, design, and legibility, with complete headings, explanations of sources, and verification of work performed, they create a feeling of confidence in the ability of the staff member. 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. Significant matters regarding assembly of audit file include: 1. The next section she audited was much better because she tried hard not receive the same review comments. Extent — Document how many samples are you selecting and note the reasoning for selecting that size. They should therefore be prepared with care and skill. Some of the examples of identifying characteristics are: a Date and number of sales invoices tested b Confirmation to debtors whose balances exceed Rs. It should state the full extent of the test ie how many items were tested and how this number was determined.

How to cite this page Choose cite format:. Source — Note who provided this document to you name and title. Conclusion — This is the overall determination of whether the control is operating effectively.

Types of audit working papers pdf

Determine the nature and extent of the information that will be needed to comply with the audit objectives and to plan the format and preparation of working papers that will be needed to record this information. For this reason, audits of similar organizations and activities should not be performed exactly alike nor should stereotyped working papers be prepared. Following information should have been mentioned in work papers: — Total population value and number — Basis of selection value and number — Reference of invoice numbers and dispatch notes tested — Reference of page number. Working papers have a number of additional uses both during and after the audit. This is by no means a complete list. It is worth noting at this stage that it is neither necessary nor practicable for the auditor to document every matter considered during the audit. If a reviewer finds that any issues have not yet been addressed, then these issues are delegated to the on-site audit team for action. A source of evidence in litigation and in administrative actions. Hence, their importance cannot be overly emphasized. The working paper should be clearly referenced so that it can be filed appropriately and found easily when required at a later date. Several software providers sell off-the-shelf software that creates electronic versions of working papers, so that auditors are not as burdened by the volume of paperwork commonly found in a traditional audit. Where there is necessary reference to another working paper, the full reference of that other working paper must be given. Checklists 1. Bank control sheet could be used from AS2 documents to perform audit work on loans o Confirm and match with repayment schedules and loan agreements the amount of current maturity and amount paid during the year. When sampling methods are used, the sampling plan must be carefully explained.
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