CAT / FIA FAU Syllabus B. Audit Planning And Risk - Keeping Working Papers - Notes ^{4 / 4}

This is important because..

• Auditor controls them and not the client

  This helps keep the auditor independent

• The auditor must be careful if they include copies of client generated items

Why is security so important?

• If lost, all would need to be recreated!

• It includes sensitive and confidential information

• Prevention of any unauthorised alterations to them

What about IT based audit systems?

• Laptops are very susceptible to theft, not just for the contents, but for the machine itself

• Unauthorised alterations are harder to spot

So, ensure laptops should always be locked away securely or taken home by the audit team

IT based systems should be subject to passwords, encryption and back up procedures

Retention of working papers

Audit files should be updated and finished no later than 60 days after the report

They should then normally be kept for at least 5 years

• So arrangements need to be made for..

  1. Secure storage

  2. Archiving of the old files

  3. IT back ups