What are they in finance?
In the world of finance, work documents are documents that are created during the process of evaluating the financial records of the company or individual. An accountant who has the task of examining accounting of the company can use an existing set of articles within the sources for exceeding accounting records or prepare working documents within the audit process. Many courts and tax agencies around the world recognize working documents as authoritative and admissible as evidence of court hearing or tax audit.
The actual content of work documents varies somewhat, depending on the nature of business, accounting standards used to perform audit and any government regulations that must be observed during the ongoing audit. Some examples of items that are commonly included in work documents are discussions about different line items in accounting records, notes, various types of plans and evaluatesbi. All items contained in posts provide an organized source of information to support an opinion that is eventually issued by an auditor.
Many accounting companies also use working documents as a means of analyzing the quality of work performed by the auditor. The contributions are examined in terms of accuracy, data arrangement, attention to details and even the correctness of the conclusions that the auditor has achieved by means of information included in the work documents. This type of double control is useful in that the reviewer may have several questions about something in the collection of documents or in the final opinion of the auditor and seek to clarify before publishing the opinion.
Properly arranged working documents can sometimes be used as evidence. If this happens, the auditor may be invited to explain the nature of the findings and how these findings influenced the view that he portrayed the client. Auditors who pThey are raining for tax agencies, they also often create or use existing working documents in their investigation in carrying out random audits of taxpayers. In most situations, it is the final purpose of documents to provide factual data regarding transactions by the company or individual and to ensure that there are no discrepancies in the accounting records maintained by the taxpayer.