What are working papers?
Working papers are the records an auditor or accountant keeps to show the work done on an engagement: the planning, the procedures performed, the evidence obtained, the analysis and the conclusions reached. In an audit they support the opinion and must let an experienced auditor with no previous connection to the engagement understand what was done and why.
Also calledworkpapersaudit documentationaudit file
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- Audit standard
- ISA 230; PCAOB AS 1215
- ISA file assembly
- Usually within 60 days
- Retention
- 5 years (ISA), 7 years (PCAOB)
What working papers contain and how they are kept
A typical file holds the engagement letter and planning, risk assessment and materiality, a lead schedule for each area tied to the trial balance, the detailed testing with references to evidence, notes of discussions with management, review points and their resolution, and the final financial statements. Each paper shows who prepared and reviewed it and when. International Standard on Auditing 230 sets the documentation rules for audits under ISAs: the final file is normally assembled within 60 days of the auditor's report and retained for at least five years. PCAOB AS 1215 requires auditors of US public companies to keep documentation for seven years. Accountants preparing accounts without an audit keep similar papers for their own quality control. Caseware has long been the standard desktop file; Inflo, Fieldguide and DataSnipper move working papers into the cloud and automate parts of the testing.
Common questions
Who owns audit working papers?+
The audit firm. Clients can be given copies of schedules they provided or that are useful to them, but the file belongs to the auditor and is subject to professional confidentiality and regulatory inspection.
What is a lead schedule?+
A summary working paper for one area of the accounts, such as receivables, showing the balances from the trial balance, any adjustments and the final figures, with references to the detailed testing behind them.
Can working papers be changed after the audit report is signed?+
Only in limited ways. After the final file is assembled, documentation cannot be deleted before the end of the retention period, and any later addition must be dated and record who made it and why.
Working paper software
CasewareAudit working papers and financial statement preparation.Profile →
InfloDigital audit workflow with automated data analytics.Profile →
FieldguideAI platform automating the full engagement lifecycle for audit firms.Profile →
DataSnipperAI audit platform automating document matching inside spreadsheets.Profile →
SilverfinStandardised client data for compliance and advisory work.Profile →Part of Accountio’s accounting technology coverage · Glossary
