Question 8
Working papers include the following (more than 1 option is correct):
A) Approval from Contracts team towards non-standard LoE
B) Information received from client
C) Project cost sheet
D) Analysis performed by KPMG resources
E) Detailed workings to arrive at final deliverables/report
Answer (2)
All the options listed (A, B, C, D, E) are correct as they represent essential components of working papers that help document and support project activities and findings. Working papers serve as a foundational record that ensures accountability, transparency, and thoroughness in business projects. Each element plays a distinct role in creating a comprehensive picture of the project work and its outcomes.
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Working papers are essential documents in a business context, particularly in areas like auditing and project management. They serve as evidence of the procedures performed, the information obtained, and the conclusions reached during an audit or a project's development. Let's explore the options given in the question to determine which are typically included in working papers:
A) Approval from Contracts team towards non-standard LOE: This might be included as it indicates agreement on contractual terms, which can be crucial for project documentation, especially for managing expectations and deliverables.
B) Information received from client: This is often included in working papers as it forms the basis of work performed. It provides context and data that may influence the analysis and final outcome.
C) Project cost sheet: Typically included, this document captures the costs associated with the project, which is essential for financial analysis and project evaluation.
D) Analysis performed by KPMG resources: If KPMG were the auditing or consulting firm involved, then their analyses would be crucial components of the working papers, showing the methodologies and insights derived from the data.
E) Detailed workings to arrive at final deliverables/report: These are included as they detail the process followed to reach the conclusions and outputs, providing transparency and traceability of work.
Each of these items plays a vital role in ensuring that working papers are comprehensive and provide a complete picture of the project's or audit's progression and findings. In this case, all of the options provided (A, B, C, D, E) can potentially be appropriate components of working papers.
