8 August 2021
Before delving into the topic of workpaper retention, it’s important to explore what is meant by internal audit workpapers. The IIA provides guidance for its members on documenting evidence in its “Implementation Guide 2330.” Specifically, The IIA notes that:
“Engagement workpapers are used to document the information generated throughout the engagement process, including planning; testing, analyzing, and evaluating data; and formulating engagement results and conclusions. Workpapers may be maintained on paper, electronically, or both. Use of internal audit software may enhance consistency and efficiency.”