The CA Institute has come out with “Audit Working Paper Templates” to help auditors prepare their audit working papers consistently and effectively
This has been brought out by the ICAI’s Auditing and Assurance Standards Board (AASB) to further strengthen and standardize the audit documentation.
This publication contains templates of various audit working papers that auditors must prepare during their audit assignment following the requirements of Standards on Auditing, sources said.
It also contains templates of other important audit working papers e.g., Schedule III of the Companies Act 2013 checklist, CARO 2020 checklist etc.
Audit documentation (audit working papers) is considered the backbone of an audit.
The work that the auditor performs, the explanations given to the auditor, and the conclusions arrived at by the auditor are evidenced by audit working papers. Standard on Auditing (SA) 230 prescribes the basic principles of audit documentation.
These templates are designed to enhance auditors’ efficiency in applying the Standard on Auditing (SA) 230 “Audit Documentation” and other Standards on Auditing prescribing various other audit working paper requirements, which the auditor needs to comply with, while performing the audit engagements.
The Audit Working Paper Templates are made on a ready-to-use basis that will guide the auditors in compliance with the documentation requirements of various Standards.
However, the members are advised not to use these templates as a substitute for auditing standards and other pronouncements of the ICAI. Further, these templates should be modified according to the facts and circumstances of each case, sources said.