securities laws by failing to produce work papers
of their audits of several China-based companies under SEC investigation, the commission charged Monday.
Another bill has been introduced in the Ohio House of Representatives seeking to make audit work papers
, memoranda and other related documentation public records.
The bank examination staff was using a software package, developed in conjunction with several other federal bank regulators, to create and store examination work papers
. The creation and preservation of complete, accurate, and trustworthy bank examiner work papers
are paramount because bank ratings depend on examination results.
Students also practice computerized tax research, use of checklists and the basics of setting up work papers
for a corporate tax return.
In addition, while recognizing the importance of audit work papers
to effective auditor oversight, the finance ministers raised concerns about U.S.
There the court held that work papers
means any papers "where you have records recorded on it and the common form of work papers
are columnar paper."
Capitalizing on the media's appetite for scandal, three legislators have sponsored legislation to mandate that the work papers
, schedules and other audit-related documentation involved in the audits of state and local government entities be open to anyone who might want a copy.
Without any public review or testimony, on March 15 the Ohio House of Representatives added a provision to a pending open records bill (HB 9) that would make an independent accounting firm's work papers
for audits of governmental entities public record.
In the event of litigation, work papers
provide evidence that services were in compliance with professional standards.
AB 2873 (Frommer), for example, contains language which expands the definition of work papers
, the length at which they must be kept and the presumption that if something isn't documented among the work papers
, it wasn't done and the burden of proof shifts to the CPA.