Question

Discuss working papers, specifically What should be in them Who do they belong to What is the value in such papers?

Answer 1

First of all, you haven't specificallt mentioned about the type of Working Papers. So I assume it to be Audit Working Papers.

Audit working papers are those the documents that records all audit evidence obtained during the process of auditing. These documents provide assurance that all the requirements of law, rule and regulations were complied with during the process of auditing.

The Working Papers should contain

• Plan implemented for auditing
• the process how it was carried out
• the evidences that were provided and if those were sufficient
• the reviews by the Auditors

The Audit Working Papers belong to the Auditor. The auditor should maintain confidientiality with regards to the workings, as it is a part of it's professional ethics. It cannot be inspected by any third party without the consent of the client or else by operation of law.

These papers are of much value because it contains the internal dealing of an entity. It may contain informations leakage of which will end a client's competitive advantage.