audit working papers are the property of
Working papers are the property of the auditor. Support as sufficient and appropriate basis in the auditors report.
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Although the client may claim them as a record of his business matters the auditor cannot part with them as his conclusions are based on them and as they provide evidence of the audit work carried out according to the basic principles.
. The auditors rights of ownership however are subject to ethical limitations relating to the confidential relationship with clients. Access Principles of Auditing Other Assurance Services 21st Edition Chapter 5 Problem 23RQ solution now. So they are his property.
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 the property of the auditor. 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.
Thus the audit working papers are the property of auditor and not of the client. Importance of Auditing Working Papers. 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.
Ownership of Audit working papers. - a Client - b Accountant - c Auditor - d Registrar of companies - Advance Accounting and Auditing Multiple Choice Question-. 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 refer to the documents prepared by or use by auditors as part of their works. The working papers are the matters documented by the auditor. The Auditor may at his discretion make portions of or extracts from his working papers available to his clients.
Purpose of Audit Working Papers. Audit working papers are the documents and evidence that an auditor collects and retains with himself during the audit. Audit working papers are used to support the audit work done in order to provide the assurance that the audit was performed in accordance with the relevant auditing standards.
Working papers are the property of the auditor and some states have statutes that designate the auditor as the owner of the working papers. Audit working papers are used to support the audit work done to assure that the relevant auditing standards performed the audit. Acts as evidence if there is any charge.
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 can be defined as the documents that auditors record during the course of the audit whilst they are obtaining evidence regarding the companys financial statements and other relevant transactions. The working papers are the property of the Auditor.
Audit working papers are sometimes referred to as audit documents. Audit documents of team meeting. Solved Answer of MCQ Audit working papers are the property of.
Audit working papers are the property of the auditors who may destroy the papers sell them or give them away Criticize this quotation. The auditor may at his discretion disclose extracts or copies of working papers to the client. They show the audit was.
Working papers are the record of various audit procedures performed audit evidence obtained allocation of work between audit team members etc. Audit working papers are documentation prepared and organized by the auditor to perform a proper audit service. State the degree to which financial statements follow accounting principles and standards with.
Audit documents on client nature of business. Evidence of the auditors consideration of the work of internal audit and conclusions reached. Audit working papers are the property of the auditor.
Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing internal management auditing information systems auditing and investigations. Prove that the audit has been planned and performed. According to ISA 230 Audit Documentation the auditors objective is to prepare documentation that can.
Basically the audit working papers serve the following purposes. Our solutions are written by Chegg experts so. From the above discussion it is clear that working papers are owned by the auditor even though they comprise information that is based on the clients records.
They cannot distort them because it can be used as an evidence if there would be. Audit documentation is the property of the client and sufficient and appropriate copies should be retained by the auditor for at least 5 years. The ownership of working papers belongs to the auditor.
Those documents include summarizing the clients nature of the business business process flow audit program or procedure documents or information obtained from the client and audit testing documents. Evidence of the planning process including audit programs and any changes thereto. Here is the example of audit working papers.
In order to keep professional ethic the auditor cannot reveal to third parties without client consent unless limited specified situations exist andor required by law. 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.
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