Safe Custody and Retention of Working Papers

Question 1

What do working papers include?

Answer 1

The property of the auditors

Question 2

What should the audit firm establish?

Answer 2

Policies and procedures designed to maintain confidentiality, safe custody, integrity, accessibility and retrievability of documentation

Question 3

Examples of such policies and procedures (P)

Answer 3

Passwords to restrict access to electronic documentation to authorised users

Question 4

Examples of such policies and procedures (B)

Answer 4

Back-up routines

Question 5

Examples of such policies and procedures (C)

Answer 5

Confidential storage of hard copy documentation

Question 6

What does ISA 230 specify?

Answer 6

The retention period for audit engagements ordinarily is no shorter than five years from the date of the auditor’s report, or if later, date of group auditor’s report

Question 7

What should be done with information contained in working papers?

Answer 7

Should not be made available to third parties without the permission of the entity