Can client access audit working papers?

Can client access audit working papers?

Access to audit working papers – means granting the client, another auditor, or other third party the right to inspect the audit working papers which were prepared by the auditor in support of a particular audit engagement, in their entirety or in part.

Are audit working papers confidential?

“The working papers for this engagement are the property of (name of auditor) and constitute confidential information.

Do working papers belong to client?

Other accountancy Any records prepared by you which are required by law to be kept by the client will generally belong to the client. File copies, attendance notes and drafts, including working papers, will generally belong to you.

What are the two types of audit working papers?

We can divide the working papers into two parts

• Permanent audit file.
• Current audit file.

Who can access audit working papers?

AGS 1038 “ACCESS TO AUDIT WORKING PAPERS” 11 Whenever the auditor’s client, or any third party, seeks access to audit working papers, the auditor ought to obtain from the client and any third party (as the case may be) an indemnity against any liability which arises through that access.

What are the types of audit working papers?

Types of Audit Working Papers

• Permanent Audit File.
• Current Audit File.

What documentation is included in audit working papers?

Audit working papers refer to the documents prepared by or use by auditors as part of their works. Those documents include summarizing the client’s nature of the business, business process flow, audit program or procedure, documents or information obtained from the client, and audit testing documents.

Who owns accounting working papers?

The audit working papers are the property of the auditor. Papers relating to accountancy work will normally be the property of the client although this will depend on the particular circumstances.

What is the legal provision on ownership of working papers?

Working papers include in the permanent file are retained indefinitely. Current working papers should be retained for as long as they are useful to the auditor in servicing a client or are needed to satisfy legal requirements for record retention. The statute of limitations rarely extends beyond 6 years.

What are the different types of working papers?

While there are many different types of working papers, three of the most common are interview summaries, worksheets, and reperformance documents. Each of these working papers document a different type of audit evidence and test, but all should include some basic information.

What are internal audit working papers?

Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations.

What is audit working papers PDF?

Audit working papers are used to document the information gathered during an audit. They provide evidence that sufficient information was obtained by an auditor to support his or her opinion regarding the underlying financial statements.

Is it necessary to make copies of Audit working papers?

The auditor should avoid preparing or accumulating unnecessary working papers, and should therefore avoid making extensive copies of the client’s accounting records. It is worth noting at this stage that it is neither necessary nor practicable for the auditor to document every matter considered during the audit.

When do working papers become property of the Auditor?

The working papers prepared during the engagement, including those prepared by the client for the auditor, are the property of the auditor. The only time anyone else, including the client, has a legal right to examine the papers is when they are subpoenaed by a court as legal evidence.

When to include working papers in audit timetable?

If client staff prepare working papers which are to be retained by the auditor, the auditor should agree the form of the working papers with client staff at an early stage in the audit, and include this information in the audit timetable.

Who is responsible for signing audit working papers?

The member of audit staff directly responsible for an audit area in which working papers prepared by client staff are included should sign those papers – this will show that they have been checked and that they can be reviewed by the manager and the partner, and by subsequent reviewers.