Question

Internal auditors are required to document their work in working papers that provide complete, accurate, and concise documentation of the engagement process. Discuss the potential adverse consequences of poorly prepared internal audit working papers.

Answer 1

Consequences of Poorly Prepared Working Papers

• Ineffective and inefficient performance and planning of audit engagements.
• Non adequate supervision and review of the completed audit work.
• Failure of achieving the objectives of audit engagement.
• No support for communications for internal audit.
• Lack of basis for evaluating the quality assurance program of the internal audit function.
• Lack of professional development of the internal audit staff.
• Non compliant with the Internal Audit standards.

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