Work papers definition
/What are Work Papers?
Work papers are the collection of documents assembled by an auditor while examining the financial records of a client. Work papers provide the evidence upon which an auditor's opinion regarding a client's financial records is based. Work papers are examined as part of a peer review examination, as per the standards promulgated by the relevant standard-setting entity. The following documents may be included in the work papers:
Analyses
Confirmation results
Memos
Schedules
Transcriptions
Who Owns Work Papers?
The accounting firm that conducts an audit is the owner of the work papers prepared during that audit; they are not the property of the client.