Audit Files and Working Papers

Front

What are the types of audit files?

Back

Permanent files and current files.

Front

What is the purpose of setting up permanent files?

Back

To maintain essential information for ongoing audits.

Front

What is typically included in the content of permanent files?

Back

Essential documents and information relevant to the audit.

Front

What is the purpose of setting up current files?

Back

To document information relevant to the current audit period.

Front

What is typically included in the content of current files?

Back

Documents and information specific to the current audit.

Front

What is the importance of audit working papers?

Back

They provide evidence of the audit process and support the auditor's conclusions.

Front

What are the contents of an audit working paper?

Back

Audit program, working trial balance (current and previous year), proposed adjusting and reclassifying entries.

Front

How should working papers be organized?

Back

They should be reviewed and changes made as necessary.

Front

What is the significance of reviewing audit working papers?

Back

To ensure accuracy and completeness of the audit documentation.

Front

What does determining the ownership of audit files involve?

Back

Identifying who is responsible for the audit files and their contents.