Working paper
Definition
The documented record of an audit procedure: what was tested, how items were selected, the evidence obtained, any exceptions found, and the auditor's conclusion. Working papers are the primary evidence that an audit was conducted as described and form the basis for the audit opinion.
Related terms
- Attribute sampling
- A statistical sampling method that tests whether each selected item either has or lacks a specified attribute, for example whether a change...
- Confidence level
- An explicit label attached to an attribution assessment indicating how strongly the available evidence supports the conclusion. Standard tiers are low, medium,...
- Judgement sampling
- Selection of audit items based on the auditor's professional assessment of where errors or weaknesses are most likely to exist. Results cannot...
- Tolerable deviation rate
- The maximum error rate the auditor is willing to accept in the population without modifying the audit conclusion. If the projected error...
- Upper error limit (UEL)
- The maximum error rate that could exist in the population at the chosen confidence level, given the number of exceptions found in...
Explained in
- Audit Sampling Techniques and Working PapersThe documented record of an audit procedure: what was tested, how items were selected, the evidence obtained, any exceptions found, and the auditor's conclusio...