The Auditing and Assurance Standards Board under the Institute of Chartered Accountants of India (ICAI) has released new audit working paper templates on July 3rd 2023. The templates are available both in pdf and word file.
The Audit working paper templates are divided into 6 chapters. It included Appointment, Planning, Execution, Other procedures, Financial Reporting and Completion Section.
Audit work papers play a vital role in the statutory audit process as they serve as a written documentation of the audit procedures conducted, the auditor’s findings, and the conclusions drawn.
The principles governing the preparation of audit documentation are outlined in Standard on Auditing (SA) 230, titled “Audit Documentation.” Auditors are expected to adhere to these principles while creating and maintaining audit documentation.
According to ICAI, these templates aim to assist professionals or audit firms in maintaining a consistent structure and format for their audit work papers. By providing a standardized framework, these templates facilitate the organization and documentation of the audit procedures conducted.
Also, it promotes consistency and simplifies the process of preparing the audit file. Additionally, utilizing these templates can enhance efficiency by saving time and enabling auditors to work more effectively, as they provide a structured approach to the creation of audit work papers.
The template has stated a disclaimer that “These Audit Working Paper Templates are illustrative in nature. Members are advised to suitably modify the same as per the facts, circumstances, and nature of the entity under audit.
This document neither supersedes nor is a replacement of any Guidance/ Pronouncements/ Standards issued by ICAI. Members are advised to read or use the Audit Working Paper Templates in conjunction with the relevant Standards issued by ICAI. Members are also advised to exercise their professional judgement while using the Audit Working Paper Templates.”
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