ITPEC FE Morning October 2023 Question 59

An execution record of the auditing procedure that forms the basis of the audit opinion — that is what audit work papers are.

While auditing, the auditor documents the procedures performed, the evidence collected and the findings drawn from it. These audit work papers (audit documentation) show that the audit was carried out properly, and every conclusion in the audit report must be traceable to them. They belong to the auditor and are kept, not published with the report.

Answer (d)

Why not others:

• •(a) — a security pledge given to the audited department is not a record of audit work
• •(b) — the standards and guidelines the auditor follows are audit criteria and standards, not work papers
• •(c) — work papers are not disclosed with the audit report; the report carries the opinion, and the work papers stay with the auditor as its support

Key rule: Audit evidence is collected through audit procedures, recorded in work papers, and the audit opinion must rest on those papers.

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