A CPA engaged to perform an audit of financial statements shall faithfully make a record of actions taken pursuant to these Regulations, and compile the record, together with relevant audit evidence obtained, into audit working papers.

Audit working papers are evidence of whether a CPA has duly fulfilled professional responsibilities, and are the basis upon which an audit report is prepared and audit opinions are expressed. All opinions, facts, and figures presented in an audit report shall be supported by sufficient, competent, and relevant evidence in the audit working papers.

Audit working papers shall be prepared and maintained in safe custody in accordance with Statement of Auditing Standards No. 45.