WORKING PAPERS

(ENGAGEMENT
RECORDS)

WORKING PAPERS
are the supporting documentation for the
entire audit , the repository
for the
accumulated audit evidence.

provide a complete audit trail and

demonstrate, in detail, how the engagement
was performed

IIA
STANDARD
2330
2330.A1-The
chief
audit(DOCUMENTING
executive must control
INFORMATION)
access to engagement records. The chief audit

executive must obtain the approval of senior

management and/or legal counsel prior to
releasing such records to external parties, as
appropriate.

2330.A2-The chief audit executive must develop

retention requirements for engagement records,
regardless of the medium in which each record
is stored. These retention requirements must be
consistent with the organization's guidelines
and
any
pertinent
regulatory
or
other

IIA STANDARD 2330 (DOCUMENTING

INFORMATION)

2330.C1-The chief audit executive must develop

policies governing the custody and retention of
consulting engagement records, as well as their
release to internal and external parties. These
policies
must
be
consistent
with
the
organization's guidelines and any pertinent
regulatory or other requirements.

Provide the principal

communications.

support

for

USES OF WORKING PAPER

the

engagement

Aid in planning, performance, and review of engagements.

Document
achieved.

whether

the

engagement

objectives

were

Facilitate third party reviews. Provide support in

circumstances such as insurance claims, fraud cases, and
lawsuits.

Provide a basis for evaluating the internal audit activitys

quality program.
Aid in the professional development in the internal audit
staff.
Demonstrate the internal audit activitys compliance with
the International Standards for the Professional Practice of
Internal Auditing.

WORKING PAPERS CAN ALSO BE

USED TO:
Justify and provide proof of work carried out.
Help auditors respond to questions about coverage or
results.
Facilitate supervisory quality assurance reviews.
Provide supporting evidence when external auditors or other
reviewers want to rely on the results.

FORMS OF WORKING PAPERS

A completed set of
working papers is
normally prepared in the form of either paper
or computer files, however, the set may be later
stored in the form of tapes, diskettes, films or
other media.

DESIGN AND CONTENTS OF

WORKING PAPER

Planning
Risk Assessment

The examination and evaluation of the adequacy and

effectiveness of the system of internal control.
The engagement procedures performed, the
information obtained and the conclusions reached.
Review
Communication
Follow-up

A completed set of working papers

should be neat and uniform in size
and appearance and include:
An index to contents
A legend of symbols and abbreviations
used
A statement of the purpose of the working
papers
Evidence of the application of the audit
program
The results of the audit

The preparation of work papers has strong

traditional elements that indicate the audit
work performed, cross references and audit
suggested adjustment. These elements
are :
Tick marks
Indexing

Adjusting journal