Work papers may also be subpoenaed by a court as part of an investigation, as was done in the Coingate case.
State Auditor Betty Montgomery expressed her support for public access to IPA work papers, noting those produced by her staff are already open to the public.
The reviewer should consider assuming the role of a devil's advocate and question whether the work paper
documentation can support such a challenge.
Without any public review or testimony, on March 15 the Ohio House of Representatives added a provision to a pending open records bill (HB 9) that would make an independent accounting firm's work papers for audits of governmental entities public record.
However, Montgomery also reportedly recognized the added regulatory burden of opening the work papers to review, and the very real possibility that accounting firms would be less willing to take on government audits.
By the same token, work papers also can be used by potential claimants to attempt to prove that you acted in some inappropriate manner, or that the engagement was not in compliance with standards.
Do not keep review notes in your work papers past the time they have some value.
There were two sets of records: the work papers
developed by the accountant and used in determining the client's tax liability, and the taxpayer's personal books and records in the accountant's possession and used to calculate the taxpayer's taxes.
With modules for risk assessment, planning, scheduling, work papers
, reporting, issue tracking, time and expenses, quality assurance and personnel records, AutoAudit is the most complete way to update an audit department.
This includes statutorily protected audit work papers
created by independent public accounting firms in the course of an audit.
Important factors that could cause actual results or events to vary materially include the Company's ability to gain access to its predecessor auditor's work papers
in a timely manner, delay in Ernst & Young LLP's review of the predecessor auditor's work papers
and internal delays in the filing of the 10-Q.
Would require audit work papers
to contain sufficient documentation to enable a reviewer "with relevant knowledge and experience, but having no previous connection with the engagement," to completely understand the audit.