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Statement on Auditing Standards Issued by the Auditing Standards Board AICPA American Institute of Certified Public Accountants April 1982 41 Working Papers ( Supersedes Statement on Auditing Standards No. 1, section 338, " Working Papers.") 1 1. The auditor should prepare and maintain working papers, the form and content of which should be designed to meet the circumstances of a particular engagement. 2 The information contained in working papers constitutes the principal record of the work that the auditor has done and the conclusions that he has reached concerning significant matters. 3 1This statement amends SAS No. 1, section 230, " Due Care in the Performance of Work," paragraph 4, by deleting the second sentence of that paragraph. 2This statement does not modify the guidance in other Statements on Auditing Standards, including the following: • The letter of audit inquiry to the client's lawyer required by SAS No. 12, Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments, paragraphs 8- 9, or the documentation required by paragraph 10 when a response to the audit inquiry letter is received in a conference. • The written representations from management required by SAS No. 19, Client Representations • The notation in the working papers required by SAS No. 20, Required Communication of Material Weaknesses in Internal Accounting Control, paragraph 4, if material weaknesses in internal accounting control are communicated orally to senior management or its board of directors • The written audit program or set of written audit programs required by SAS No. 22, Planning and Supervision, paragraph 5 • The representation letter from a successor auditor required by SAS No. 37, Filings Under Federal Securities Statutes, paragraph 11b, when an auditor has examined the financial statements for prior periods but has not examined the financial statements for the most recent audited period included in a registration statement 3However, there is no intention to imply that the auditor would be precluded from supporting his report by other means in addition to working papers. Copyright © 1982 by the American Institute of Certified Public Accountants, Inc. 1211 Avenue of the Americas, New York, N. Y. 10036- 8775 1234567890 AudS 898765432