Types of Audit Working Papers (AWPs)

Types of Audit Working Papers (AWPs)

Audit Working Papers (AWPs) are classified into two main types, based on the nature and period of usefulness of the information.

1. Permanent Audit Files (PAF)

Permanent audit files contain information of a continuing and long-term nature that is relevant from one audit period to another.

Characteristics:

• Used over many years
• Updated when necessary
• Provides background information about the client

Examples:

• Company constitution / memorandum & articles
• Organisational structure and chart
• Brief history of the company
• Long-term contracts
• Evaluation of Internal Control System (ICS)
• List of directors and shareholders

2. Current Audit Files (CAF)

Current audit files contain information relating specifically to the current audit year.

Characteristics:

• Prepared for each accounting period
• Changes every year
• Supports the current year’s audit opinion

Examples:

• Copy of financial statements
• Audit programme
• Trial balance
• Audit schedules and working papers
• Minutes of directors’ meetings
• Management letters and letters of representation

 

Type of AWP	Nature of Information	Examples
Permanent Audit Files (PAF)	Long-term / continuing	Constitution, ICS evaluation
Current Audit Files (CAF)	Current year only	Financial statements, audit programme

Summary

Audit Working Papers are classified into Permanent Audit Files and Current Audit Files based on the duration and relevance of the information.