Template Workpaper
Audit Fieldwork
About this template
This is a generic template aimed at capturing the essential information to ensure all our audit testing and results
have been documented appropriately.
This template will capture the following key components that should be included in any testing workpaper:
1.
2.
3.
4.
5.
6.
Scope
Purpose / Objective
Sample
Methodology
Testing
Results / Conclusion
Why use this template
This template is heavily aligned to the requirements of the Auditing Standards ISA 230 – Audit Documentation.
Whilst this template is heavily skewed towards a financial statement audit, it also meets the requirements of the
auditing standard, which I believe, should be included in any audit workpaper, regardless if its an internal or
external audit.
This template also helps show the ‘Golden Thread’. That magical thread which links your planning work and
assignment plan, directly to where you have performed your testing, and onwards to the report.
When to use this template
This template can be used for all audit fieldwork. The template can be adjusted to better suit the scope / test you
will be performing, whilst still maintaining the key components of the auditing standards.
Things to be careful about
This template is only a guide, however care should be taken to ensure that your audit work is appropriate, is
addressing the underlying risk, and is documented well enough that any other auditor can reperform the same
test and reach the exact sample conclusions.
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version?
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TESTING
WORKPAPER
Workpaper Title
Review
Review name
Prepared by
Auditor name
Date prepared
Date
Reviewed by
Reviewer name
Date reviewed
Date
WP Ref
###
Workpaper Title
Scope
As per the Assignment Plan, this workpaper relates to the following scope section:
Scope
Activity
Copy from the Assignment Plan / Audit Program.
A
Purpose / Objective
The purpose / objective of this workpaper is to:
•
State what you are going to test in this workpaper.
This workpaper will assess both the Design and Implementation of the control, as well as the Operating
Effectiveness of the Control.
OR (where performing an audit of a financial balance)
The purpose / objective of this workpaper is to:
•
State what you are going to test in this workpaper.
This workpaper is addressing the following audit assertions:
C
E
A
Completeness
Existence
Accuracy
Financial Statement Line Item
Financial Statement Caption
Balance
as at Date
DATE
R
Rights and
Obligations
V
Valuation and
Allocation
P
Presentation
and Disclosure
Period for testing
DATE TO DATE
Sample
Our sample has been selected in accordance with our Internal Audit Sampling Methodology.
For test of controls
Nature of control
Manual
Semi-Automated
Automated
Page 2
Occurrence
Daily
Weekly
Monthly
Quarterly
Annually
Ad-hoc
Suggested sample size
Refer to Methodology.
TESTING
WORKPAPER
Workpaper Title
For balance testing
Risk of
Material
Misstatement
Results of
Test of
Controls
procedures
Materiality
High
Medium
Low
Satisfactory
Unsatisfactory
$X
Materiality
Performance
Materiality
$Y
Posting
Threshold
$Z
Balance
Population
Sample Size
$A
B
Refer to
Methodology.
Methodology
1.
2.
3.
4.
5.
Obtain any policy or procedure documentation for the process;
Meet with the business areas to discuss, understand and perform a walkthrough of the current process;
Document the process and confirm with the business area;
Obtain key documents to support various parts of the process; and
Map key controls to the process.
Here to help:
The methodology should reflect the steps you have taken to complete the purpose / objective and the work documented further below. A good
workpaper means any other auditor can pick up this document and reperform the work and achieve the exact same result as yourself; hence
the importance of the methodology.
Testing
Document / present here any of the testing you have performed.
Embed documents or use Hyperlinks to link to other items used in performing your testing (i.e. data sets, policy
documents, meeting minutes, process flows, etc.
Where you have performed sample testing, include enough details of the item selected for sample testing so that
a new auditor can easily reselect the same sample should they need to verify your work.
Results / Conclusion
Based on the procedures performed, we have determined that:
Design and Implementation of Process and Controls
Satisfactory
Needs
Improvement
Unsatisfactory
N/A
The current process has been designed and
implemented satisfactorily, with good application
of controls and consideration to risks.
The current process has been designed and
implemented satisfactorily, however controls can
be better deigned to mitigate identified risks.
The process has not been designed appropriately,
with key areas of risk not being mitigated, or
failure of key controls.
Not applicable for this procedure.
Test of Operating Effectiveness
Satisfactory
Needs
Improvement
Unsatisfactory
N/A
There were no issues identified during the testing
procedures performed, demonstrating the
controls are operating as designed.
Minor issues were identified through the testing
performed, however there are not considered to
be material or high to the business.
Large variances were identified through the
testing performed. The process is not operating
as designed and represents a significant risk to
the business.
Not applicable for this procedure.
Potential Issue Listing
Issue
Ref
1
Page 3
What we found
Implication
Outcome
Note here what we found from our
testing.
Not here the implication (risk) as a
result of what we found.
Document the outcome of this
observation. Did it make the report?
If so, state the report finding ref. If
not, state why it did not make the
report.
Workpaper Title
TESTING
WORKPAPER
Here to help:
By documenting findings here, you can quickly copy and paste to and from the Potential Issues Listing document. This will help ensure that all
recommendations have been accounted for in the final report and future auditors can also see why an issue may have been removed during
the report writing process.
Comments
Note here any comments which you think are necessary, but have not been captured elsewhere in the review.
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