In preparing the action plan and timetable for the completion of the 2007/08 annual accounts, the Trust established a principle to provide all working papers in an electronic format. This was seen as an extension to the month end working papers and controls to provide links into the annual account notes. The main drivers for this were:
- To avoid the need for paper files
- To avoid having to manually reference and link paper files to other papers
- Have a direct link from the detailed workings and reconciliations to annual account notes
- Provide the auditors a comprehensive and easy to follow set of working papers so that information could easily be updated for future sets of account working papers
- Mitigate risk by ensuring that the content of the Annual Accounts can be more easily assimilated by others rather than restricted to Senior Financial Accounts staff
How the objectives were achieved
- Hyperlinks between files are used to link the files
- Each entry on the primary statements has a link to the supporting note
- Each entry on the supporting note has a link to an electronic working paper
- Each electronic working paper has a link to the trial balance
Benefits achieved
- Made the transition from traditional paper working papers
- The audit trail is simple to follow
- Saved time for the auditors
- A formalised quality control process was put in place whereby for each primary statement and accounting note, the preparer of the supporting working papers signed off completion on a matrix and this was countersigned as reviewed prior to audit start date.