You are in charge of a group of audit trainees who have just been employed by your audit firm. This is the audit trainees‘ first assignment and they are aware that they are supposed to prepare audit working papers but they do not know how to do so or what information they should include in the audit working paper.‘Required:Provide the audit trainees with guidelines on how they should prepare audit working papers

– The working papers should have a good index to facilitate referencing and cross- referencing.
– They should be as complete as possible. The working papers should include the auditor‘s reasoning on all significant matters which require the exercise of judgement, together with the auditor conclusion thereon. A competent auditor reviewing the papers should arrive at the same conclusion.
– In the event of difficulties, audit trainees should use the mnemonic facts as they know them at the time the conclusions were reached.
– Any symbols used by the trainees ought to be clearly explained.
– The audit working papers need to be updated periodically for evidence to be relevant.
– Audit working papers should be well secured.

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