TYPES OF WORKING PAPERS
The Auditors Working Papers are divided into two parts:
1. Permanent Audit file
2. Current Audit file
Permanent File
The data in these file are the information, which is of continuous interest and relevant to succeeding audits. Data in this file can include the following:
– Articles of incorporation
– Loan agreements
– Documents related to understanding internal control
– Leases
– Significant audit observation of earlier years
– Notes regarding significant accounting policies
Current Audit File
These file contains information relating to the audit of the current period. Data in this file can include the following:
– Financial statements and audit report
– Working trial balance and worksheets
– Adjusting journal entries and reclassification entries
– Audit programs
– Documentation of the consideration of internal control and the consideration of fraud risk factors
– Record of test of controls and substantive tests
– Record of audit exceptions and their resolutions
– Letters of attorneys, representation letter and
– Confirmation responses