Standardized Working Papers

Procurement and Audit notes revision

This refers to a predetermined format of presenting and documenting audit findings formulated by individual audit firms e.g. check lists and specimen

letters which are filled with standard wording and gaps left to fill in the relevant details of the client.
Advantages of standardized Working Papers
• This improves the efficiency with which working papers are prepared because they will be used for many clients
• They act on guidelines for instructions to audit staff and facilitate delegation of work.
• They provide a means to control the quality of audit work by ensuring that minimum quality standards are maintained.
• Ensures that all relevant issues in the audit are addressed.

• It is not appropriate to follow mechanically, a standardized approach to the conduct and documentation of audit work as the auditor in some cases will need to exercise his own judgment.
• The initiative of auditor staff may be restricted because the need to exercise judgment in preparing working papers is eliminated.
• The client staff may become familiar with the method and perpetuate fraud in areas not covered by the standard working papers.
• The audit work becomes very mechanical with use of standardized working papers.

Procurement and Audit notes revision

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