Chapter 10: Documents

Question 1

Should documents/ Working papers be kept confidential and secure?

Answer 1

Yes

Question 2

What are the 3 features of working papers?

Answer 2

1) Support the conclusions drawn by the assurance providers
2) Provide an overall understanding of compliance with relevant laws, regulations.
3) Provide an overall understanding of the work undertaken

Question 3

What 2 things does the ICAEW require in terms of documents?

Answer 3

1) Requires the firm to have a document retention policy.
2) Requires documents to be kept for 6 years after the end of the accounting period

Question 4

Who do the documents and the report belong to?

Answer 4

Documents belong to assurance providers and any reports created as an output belong to the client once issued.

Question 5

Can working papers be shown to the client?

Answer 5

May be shown, at their discretion

Question 6

Can working papers be shown to third parties?

Answer 6

Should not be shown to third parties without clients permission.