According to RA 9298, what is true about audit working papers?

The assertion that audit working papers belong to the auditing firm is grounded in the principles established by Republic Act No. 9298, which recognizes the importance of the auditor's independence and objectivity. Working papers are integral to the audit process, serving as the documentation that supports the auditor's findings, conclusions, and the overall audit opinion. By retaining ownership of these papers, the auditing firm can ensure the confidentiality and integrity of the information contained within them, thus safeguarding the interests of both the clients and the firm itself.

Additionally, ownership by the firm allows for better quality control practices, as it enables the firm to review and utilize these documents for future audits, training, and compliance purposes. This retention also upholds the professional standards set forth in auditing guidelines, ensuring that all relevant information is documented and readily available for evaluation by supervisors or external regulators if required.

It's essential to understand that audit working papers typically contain sensitive data and proprietary methodologies, warranting protective measures that come with firm ownership.