Importance of audit working papers
- Working papers assist in the planning and performance of the audit.
- Working papers provide assurance that the work delegated by the audit partner has been properly completed.
- Working papers increase the economy, efficiency, and effectiveness of the audit.
- Working papers contain sufficiently detailed and up-to-date facts which justify the reasonableness of the auditor’s conclusions.
- Working papers retain a record of matters of continuing significance to future
- The working papers enable the auditor
to point out to the client the weakness of the internal control system
in operation and inefficiency of the accountancy He may, therefore, be
in a position to advise his client as to how to avoid such pitfalls.
- He can know that his assistants had followed his instructions.
