According to the Foreword in a 1970 CICA Audit Technique Study,
Gertrude Mulcahy, FCA, Director of Research, states: “The preparation of audit
working papers is an essential part of audit work. However, because they are
part of the normal routine followed in all audit engagements, there is a very
real danger that the basic purposes of preparing such papers may be overlooked,
with the result that the papers may fail to achieve these purposes.”
In this 35-page study, called Good Audit Working Papers, the Study Group provides a statement of
the purposes of working papers and develops what they believe to be a systematic
approach to the content, organization, review and retention of good audit
working papers as a basis for practitioners to evaluate their own procedures.
During the formulation of this approach, the Study Group also examined
questions relating to the ownership of working papers and the preparation of
working papers for non-audit engagements.
Basic principles to assist in the resolution of these
questions are also set out. In addition, several suggestions on the preparation
of good audit working papers are included in the Appendices. Gerald Trites, FCA
is acknowledged for his work on various drafts of this landmark Study published more than 40 years ago.
