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The audit work papers are owned by the auditors, they are designated as the owners of the working papers in an Audit firm in UAE. These papers are confidential between auditor and the client.
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emilyrobert273
Wiki User
∙ 14y agoThe auditors owns the audit workpapers
I guess it depends on how you want to define "audit workpapers." Interpretation 1 of Rule 501 of the AICPA Code of Professional Conduct defines four types of records:
-Client provided records
-Client records prepared by the member (CPA)
-Supporting records
-Member's (CPAs) working papers
Under this interpretation, the first three items are to be provided to the client. With respect to the second and third item, records may be withheld if fees are outstanding for the related work product (financial statements, tax return, etc.)
Only member's working papers are defined as being the member's (CPAs) property and need not be provided to the client under the provisions of this interpretation.
Of course, then you run into the problem of what specific records fit into each of these four categories. I found this article to be helpful: http://www.allbusiness.com/accounting-reporting/auditing/582922-1.html.
Wiki User
∙ 13y agoAudit workpapers are owned by n it is property of audit firm only.
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What is the difference between audit and control?
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Should the results of inconclusive audit tests be included in audit workpapers?
Published papers should be conclusive in all aspects. Inconclusive paper might be not worthy for the reader which gives only the problems.
Should the results of inconclusive audit test be included in audit workpapers?
Published papers should be conclusive in all aspects. Inconclusive paper might be not worthy for the reader which gives only the problems.
3 general types of quality audits?
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What is Internal audit an external audit?
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
The basic requirement of a third party audit is that it is conducted by?
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What is the difference between audit and control?
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What the Difference Between Internal Audit and Interim Audit?
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
Define and distinguish between entries on the books and entries on the workpapers and explain why such an entries on the books and on the workpapers are required in the consolidation process?
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Briefly describe the key requirement included in professional auditing standards regarding the preparation and retention of audit workpapers.?
Professional auditing standards define the core value of accounting ethics. Working paper also define the skills of an auditor. Hence the basic requirement in auditing standards at the very behest of accounting profession sticks to the basic concepts of accounting ethics. However, in the current scenario where the cases of financial fiasco have increased, government defined auditing standards take centre stage and differs from one nation to the other. But once again when it matter pertaining to the reparation of and retention of audit work paper, the requirement prepare by auditor should be in a manner that it helps the auditors to carry out auditing services in the most appropriate way. That is to say, auditor should do away with inappropriate representation while preparing audit report. Hence the working paper requirement at most should avoid accumulating unnecessary working papers for the sake of client and for the requirement of professional auditing standards. Moreover, when it matter to the ownership of audit work paper and as it is with the general principles, audit paper is the property of the auditor concerned in all circumstances. Given the case attached to working paper as an evidence of the audit process that are usually obtained during financial assessment also withhold that audit paper are likely to remain with auditors and audit firms. And to profess the ethics attached to accounting profession, again audit papers sole ownership lays with the auditors. However, the auditor and the audit paper are also subject to some compliance. That is to say, auditor who owns the working paper cannot disclose the same to third party in any circumstances. Hence, in the first instance audit firm own audit papers, but are not likely to disclose the same to third party, which means that as per the principle audit client also gain some form of ownership and any misuse of the audit paper can intimidate legal discourse from the client part.
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