audit working papers are the property of
Fn 1 This section amends section 230 Due Professional Care in the Performance of Work paragraph 04 by deleting the second sentence of that paragraph. Audit working papers are the property of the auditor.
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This is essential because of the reason that audit working papers are used in order to create proper relevance when it comes to important matters pertaining to accounting and financial considerations of the company.
. - a Client - b Accountant - c Auditor - d Registrar of companies - Advance Accounting and Auditing Multiple Choice Question-. Audit working papers refer to the document in which the auditor writes facts data analysis of accounts while performing an audit of the enterprise. In order to keep professional ethic it cannot reveal to third parties without client consent unless limited specified situations mentioned in ISA 230 Documentation and required by law the examples are court order.
When preparing an audit working paper the auditor must ensure that the working papers serve the following purposes. Fn 2 This section does not modify the guidance in other Statements on Auditing Standards including the following. They provide evidence that sufficient information was obtained by an auditor to support his or her opinion regarding the underlying financial statements.
Audit working papers are documentation prepared and organized by the auditor to perform a proper audit service. Solved Answer of MCQ Audit working papers are the property of. Confidentiality of working papers.
Audit working papers are the outcome of the documentation process. Guidelines of Audit Working Papers as specified in SA-230 Audit Documentation. Include the observations conclusions and final statement to support the audit communication.
Prove that the audit has been planned and performed. The various minute details and aspects of the audit report can be well substantiated based on the findings summarized in the report. Audit working papers are the documents and evidence that an auditor collects and retains with himself during the audit.
Although audit working papers are property of the auditors they should not be sold distorted or given to third party as it will violate the Code of Ethics of Confidentiality because what is contain in the audit working papers are information about the client. Audit working papers are used to document the information gathered during an audit. According to ISA 230 Audit Documentation the auditors objective is to prepare documentation that can.
Audit documentation is the property of the client and sufficient and appropriate copies should be retained by the auditor for at least 5 years. Hence they enable the easy drafting and preparation of a detailed audit report. Working papers represent the volume of work performed by the auditor and his staff.
Audit working papers also help in a. In order to keep professional ethic it cannot discover to third party without consent of the client unless limited specified situations mentioned in ISA 230 Documentation and required by law the. Audit working papers are the property of the auditor.
Audit working papers are the property of the auditors who may destroy the papers sell them or give them away Criticize this quotation. Include the planning performance and review of the clients audit work. They cannot distort them because it can be used as an evidence if there would be.
Audit working papers are used to support the audit work done to assure that the relevant auditing standards performed the audit. The letter of audit inquiry to the clients lawyer required by. Working Papers prepared or obtained by the auditor in connection with the performance of audit are the property of auditor and it is the duty of the auditor to retain and preserve the working papers for a period of 7 years.
Evidence found during the process of audit. Although working papers are the personal property of the auditor they can not be shown to third. Describe a situation in which a set of audit working papers might be used by third parties to support a charge of gross negligence against the auditors.
The property rights of the auditor are subject to limitations contained in Clause 1 Part I of Second Schedule to the Chartered Accountants 1949. Audit Working papers are without a doubt a very important part of the overall audit process. Working papers also provide evidence that an audit was properly planned and supervised.
The ownership of audit working papers belongs to the auditor. If additional evidence is required to document significant findings or issues the original evidence is NOT considered sufficient and appropriate and should be deleted from the working papers d. According to SAS 41 working papers are the records kept by the auditor of the procedures applied the tests performed the information obtained and the pertinent conclusions reached in the engagement.
However at his discretion he can make some extracts or copies of such papers available to the client. It is a written record that an auditor keeps relating to. Footnotes AU Section 339A Working Papers.
Methods and procedures that an auditor follows. Support as sufficient and appropriate basis in the auditors report. Audit documentation or working papers are the property of the auditoraudit firm and the client has no right to the working papers prepared by the auditor.
Facilitate third-party reviews and re-performance. Working papers are the record of various audit procedures performed audit evidence obtained allocation of work between audit team members etc. This preview shows page 108 - 110 out of 145 pages.
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