Audit Documentation and Presentation of Sample Working Papers

Audit Documentation, also commonly referred to as "working paper" or "work paper", is a vital part of audit. Philippine Standards on Auditing (PSA) 230 describes audit documentation as supporting the auditor's basis for his conclusion in the audit report. Furthermore, audit documentation provides evidence that the audit was planned and performed in accordance with the PSAs and applicable legal and regulatory requirements.

Additionally, as discussed in PSA 230, audit documentation is useful for the following:

· Assisting the engagement team to plan and perform the audit;

· Assisting the members of the engagement team responsible for supervision to direct and supervise the audit work, and to discharge their review responsibilities properly;

· Enabling the engagement team to be accountable for its work;

· Retaining a record of matters of continuing significance to future audits;

· Enabling the conduct of quality control reviews and inspections in accordance with ISQC 1 or national requirements that are at least as demanding; and

· Enabling the conduct of external inspections in accordance with applicable legal, regulatory or other requirements.

This one-day training program has been designed for practitioners, accountants and officers of private companies to educate them about the preparation of effective and compliant audit documentation. This is not only relevant for the fulfilment of the standards set by the authorities, but also for the participants to be able to maintain organized and useful records for their reference.