Working papers are the building blocks of an audit. If it’s not in the working papers, audit quality may suffer, as the manager and partner might not know about it or its ramifications may not be fully considered. Understand the professional standards regarding working paper documentation, and learn the fundamentals of working paper preparation – form and content – to make sure audit considerations, work performed, and conclusions reached are properly documented. Explore examples showing fieldwork supervisors what factors to consider and what steps to follow when reviewing working papers.
- Identify professional standards regarding working paper documentation and proper working paper technique.
- Identify the tasks in supervisory-level reviews of working paper documentation for audit engagements necessary to ensure compliance with current professional standards.