Audit working papers constitute the basic records for the auditor in respect of the audit carried out him. They constitute the link between the auditor’s report and clients’ record.
These include retention of permanent record in the nature of a document to show the actual audit work executed the nature of the work, the extent of the work and important points, facts, dates and decisions having bearing on the audit of the accounts audited. The working papers, if properly maintained, can be used as defense in case of need. The audit working papers are found very useful in the following aspects as they:
(i) aid in the planning and performance of the audit;
(ii) aid in the supervision and review of the audit work;
(iii) provide evidence of the audit work performed to support the auditor’s opinion; and
(iv) act as an evidence in the Court of law when a charge of negligence is brought against the auditor.