How should documents added to work papers be treated?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How should documents added to work papers be treated?
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Step 1
Work papers
The work papers are a set of documents that an auditor assembles while looking at the financial statements of a client. The auditor’s opinion is based on the financial information provided by these documents.
The work papers are regulated under the peer review system and as per the relevant standards conveyed by the standard-setting body. The following documents are relevant to be included as the work papers:
- Analyses
- Schedules
- Results of confirmation
- Memos
- Transcription
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