As per SA 230 on “Audit Documentation”, the working papers are not the propertyof the auditor

The statement regarding SA 230 (International Standard on Auditing) highlights an essential aspect of audit documentation—that the working papers prepared by auditors are not the property of the auditors themselves. Instead, the audit documentation belongs to the entity that is being audited. This principle is crucial for several reasons:

1. Ownership and Confidentiality: The working papers may contain sensitive information about the entity, including financial details and internal controls. As a result, the entity has the right to maintain control over this documentation to ensure confidentiality.

2. Legal and Regulatory Framework: There are legal implications regarding the ownership of audit documents. Depending on jurisdiction, the working papers may be subject to regulations that dictate how they are stored and who can access them.

3. Audit Evidence: While auditors create the working papers to document their work, their primary purpose is to provide evidence of the audit performed. Thus, the documentation serves the interest of the entity, regulators, and other stakeholders rather than the auditor's personal ownership.

In summary, while auditors utilize the working papers to perform their audits and support their opinions, the actual ownership and rights to these documents lie with the entity being audited, ensuring that the information remains secure and regulated in accordance with applicable laws and standards.