The need for Working papers
The need for Working papers listed as follows:
(a) They aid in the planning and performance of the audit;
(b) They aid in the supervision and review of the audit work and to review the quality of work performed, in accordance with AAS 17 “Quality Control for Audit Work”;
(c) They provide evidence of the audit work performed to support the auditor’s opinion;
(d) They document clearly and logically the schedule, results of test, etc.;
(e) The working papers should evidence compliance with technical standards;
(f) They document that Internal control has been appropriately studied and evaluated; and
(g) They document that the evidence obtained and procedures performed afford a reasonable basis for an opinion;
(h) They retain a record of matters of continuing significance to future audits of the entity;
(i) They enable an experienced auditor to conduct quality control reviews in accordance with Statement on Peer Review issued by the Institute of Chartered Accountants of India;
(j) The process of preparing sufficient audit documentation contributes to the quality of an audit
(k) They fulfil the need to document oral discussions of significant matters and communicate to those charged with governance, as discussed in AAS 27, “Communication of Audit Matters with those Charged with Governance.