Define audit working papers and explain five reasons for maintaining audit working papers. ?

Working papers (documentation in audit) are a record of the auditor's planning of the nature, timing and extent of the audit procedures performed, the results of these procedures, and the conclusions reached through the tool obtained.

*  It is a complete work record of the information shown in the financial statements.

* Its presence helps in obtaining any information without consulting the records.

* The presence of worksheets facilitates the process of subsequent years.

*  Helps the auditor to know if the work done is sufficient and the validity of the results and thus helps him to reconsider and develop the audit program.

*  It contains a detail of the work done and the results reached by the auditor that will appear in his report.