Work papers are documents produced during an audit engagement. These papers are formally referred to as audit documentation or sometimes as the audit file. The documents serve as a guide to organizing manual audit work papers. Why are work papers important?
Our working papers are the basis for our conclusions:
They must stand on their own and be understood by external parties who review them.
Execution risk management: Quality documentation enables us to effectively supervise and review engagement execution.
Our documentation provides evidence of compliance with IIA Standards and attention to professional standards.
The quality and completeness of working papers is a significant gauge of “competency” as defined in SAS 65 and PCAOB Standard 5.