CONTENTS OF AUDiT WORKING PAPERS
1. CONTRACT LETTER:
The working papers contain the contract letter. This letter gives right to a person to a start work of audit. It states the terms and conditional of appointment of an auditor. The nature and amount of work is recorded. This letter becomes a part of audit working papers.
2. AUDIT PROGRAMME:
An audit programme is a detailed plane of action to be used for audit. It is a time table of staff duties. The books to be examined are stated in audit programme. Every audit work requires programme and then master audit programme is prepared to cover all activities.
3. AUDIT NOTE BOOK:
The audit notebook is a part of audit working papers. It may be bound book or loose-leaf card form. It contains useful information about the business enterprise. When audit report is drafted this book provides data for such report. The weak points like missing vouchers, queries not settle are stated in it.
4. COPIES OF DOCUMENTS:
The copies of various documents are included in audit working papers. The partnership deed, article of association, memorandum of association, trust deed, lease contract and similar other papers are collected from the management. These papers are useful to determine the performance of business work.
5. COPIES OF CRRESPONDENCE:
The copies of correspondence become part of audit working papers. The auditor can write letter to other parties. The replies can be received from debtors and creditors. The audit staff must keep the exchange of letter between auditor and other people.
6. SCHEDULE OF DEBTORS:
The client provides the schedule of debtors. This list is compared with the books of accounts. The auditors can confirm the balance from various debtors. He collects facts and figures by writing letters to the customers.
7. STOCK CERTIFICATE:
The stock certificate is received from the management. The auditor can watch the stock taking process. When the stock is lying in public warehouse, the certificate of warehouse keeper is accepted for audit.
8. COPIES OF PREVIOUS AUDIT:
The auditor can collect copies of previous audit reports. These papers become part of audit working papers. The auditor can note the weakness stated in the old report. He can examine that same points are not repeated in the books under review.
9. RESOLUTION COPIES:
Auditor collects the copies of resolutions. These copies are part of working papers. These copiers are part of working papers. The decisions made by the directors and shareholders are implemented in preparing of books of accounts. The auditor can determine whether such decisions are implemented.
The audit working papers contains the particulars of depreciation. The rate of depreciation can be applied through out the life of an asset. The reasonable amount of depreciation can be charged every year. The auditor can determine the exact amount of depreciation.
The management can buy and sell shares and debentures of different companies. The investment can be exchanged through brokers. The register of investments shall the purpose to collect various particulars relating to investments.
12. MANAGEMENT CERTIFICATES:
The management may provide certificates to the auditors. This certificate becomes a part audit working papers. The certificates may relate to inventory valuation and similar other matters. The auditor can rely these certificates in preparing audit report.
13. DETAIL OF QUESTIONS:
The auditor can ask the number of questions to the management. The details of question asked are recorded in the audit working papers. The questions not properly answered are included in the audit report. The queries settled may be dropped from the papers.
14. OTHER PAPERS:
The audit working papers may contain other papers. The auditor can collect information from experts like stock values, engineers, advocates and other consultants. These papers furnish valuable facts and figures about the financial information.
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