AUDIT WORKING PAPERS Hi, Audit working papers are the documents which record all audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was: Properly planned; Carried out; There was adequate supervision; That the appropriate review was undertaken; & finally and most importantly; That the evidence is sufficient and appropriate to support the audit opinion. Thanks

Working papers helps the auditor to; 1. Plan the audit based on previous years working papers 2. To guide audit engagement team 3. It can be used to draw conclusions on financial statements 4. To supervise and monitor the work of audit engagement team.

Dear, Just like business man his shop and other material which he is used to make his business is assets same for auditor, working paper is an assets. Also many times in future if in any case any legal authorities find any breach of the law/provision of law by the businessman than auditor is questionable whether he is performed his duties independently and truly, in that situation auditor used his working paper to prove he has no guilty on his parts. Many other example is also there. In Short, working paper is an assets of the auditor which he is used to make audit plan for next year and other purpose also. Thanks & Regards CA Chitranjan Agarwal