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2. Functions:- a) Helpful in making audit report. b) Uses as evidence c) Direction to auditing procedure d) Check the weakness of internal control

3. Contents:- a) The name of the client b) The period covered by the audit c) The subject matter. d) The file reference e) The signature of the member of staff who prepared the working paper, and the date.

4. Format:- Establishment of a single system or design of working papers to be used. Work papers may be in the form of paper, tapes, or disks. A well-organized set of working papers enables the auditor to understand the relationships of the transaction and how they impact different accounts.


6. Type of audit file:- a) Permanent audit file b) Current audit file c) Correspondence file

7. Permanent audit file:- Information concerning the legal and organizational structure of the entity. A record of the study and the evaluation of the internal controls related to the accounting system. Copies of audited financial statements for previous years Copies of management letters issued by the auditor, if any. Record of communication with the retiring auditor, if any, before acceptance of the appointment as auditor

8. A record of the study and the evaluation of the internal controls related to the accounting system

9. b) Current Audit File;- Extracts of important matters in the minutes of Board Meetings and General Meetings as relevant to audit. Evidence of the planning process of the audit and audit programme Analysis of transactions and balances. A record of the nature, timing and extent of auditing procedures performed, and the results of such procedures. Letters of representation or confirmation received from the client

10. c) Correspondence file:- Any written or digital communication exchanged by two or more parties. Correspondences may come in the form of letters, emails, text messages, voicemails, notes, or postcards.

11. Workpaper Referencing:- Organisational system for audit documentation 1. Prepared by auditor 2. Info from client or other sources Example- Meeting minutes Bank statement Supplier price lists

12. 1) Basic planning the Audit 2) Record of the Evidence Accumulated and the Result of the test 3) Data for determining the proper Type of Audit Report. 4) Basis for review by Supervisors and Partners.

13. 1) Financial Statements and Audit Report 2) Working Trial Balance 3) Operations 4) Liabilities and Equity 5) Assets 6) Internal control 7) General Information

14. Definition: The principal record of auditing procedures applied, evidence obtained and conclusions reached by the auditor in the engagement.

15. Purpose:-

16. Content of Audit Documentation:-

17. Purposes:- Working Papers are the material that auditors prepare or obtain and retain in connection with the performance of the audit.

18. Symbols used in audit working paper:- MV Agrees to mrket value o Ownership verified = Calculation checked NM Not Material CT Clearly trivial NA Not applicable P Agreed to prior

19. Information concerning the legal and organizational structure of the entity