Usual Contents of Work Paper File
The following are the usual contents of work paper file:
1. A complete list of all the books in use, and the names of the clerks in charge of each of each should be prepared.
2. All cash and cheques in hand on the closing date of the audit period should be sent to bank, if possible, and if not, the Cash book should be kept written up to the date of the auditor’s visit.
3. A statement reconciling the Bank balance as per cash book with that of the Bank statement should be ready together with a Bank Certificate.
4. All postings, additions, carry-forwards etc, should be ready written in ink, the requisite balances extracted and trial balance agreed.
5. Schedule of debtors, creditors, duly agreed with their control account in the general ledger should be kept ready with confirmation of the parties regarding balance due to or by them.
6. All important contacts, title deeds and other documents having any bearing on accounts to be kept ready for reference.
7. Minutes books, copies of Partnership Deed or Memorandum and Articles of Association and Prospectus etc. to be kept at hand.
8. All vouchers should be available arranged in order of books entries.
9. Bills receivables, post-dated cheques, bonds and securities and investments should be ready for production when required and a list thereof kept ready.
10. List of all prepared expenses, advances, accrued income and of outstanding expenses etc, to be prepared and kept ready.
11. A complete list of stocks of stores should be prepared.
12. A list of over-dues and doubtful debts included in the schedule of debtors stating suggested provisions deemed desirable against possible loss should be prepared.
13. The draft Profit and Loss Account and Balance sheet be prepared, and in case of limited company, should be passed by the Directors.