
Audit Working Paper Documentation
Flashcard
•
Professional Development
•
University
•
Practice Problem
•
Hard
Md Fauzi Ismail
FREE Resource
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7 questions
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1.
FLASHCARD QUESTION
Front
What is the importance of audit working papers?
Back
Audit working papers are essential for documenting the audit process, providing evidence of the work performed, and supporting the conclusions reached.
2.
FLASHCARD QUESTION
Front
What content should be included in an audit working paper?
Back
1. Audit program 2. Working trial balance – current and previous year 3. Proposed adjusting and reclassifying entries
3.
FLASHCARD QUESTION
Front
How should working papers be organized?
Back
1. Review the audit working paper 2. Making changes to the audit files
4.
FLASHCARD QUESTION
Front
Who owns the audit files?
Back
The ownership of the audit files is determined by the organization conducting the audit.
5.
FLASHCARD QUESTION
Front
What is the purpose of an audit?
Back
The purpose of an audit is to provide an independent assessment of the financial statements and ensure their accuracy and compliance with applicable standards.
6.
FLASHCARD QUESTION
Front
What are the types of audits?
Back
1. Financial audit 2. Compliance audit 3. Operational audit
7.
FLASHCARD QUESTION
Front
What is the role of an auditor?
Back
The role of an auditor is to evaluate the financial records of an organization, assess the effectiveness of internal controls, and provide recommendations for improvement.
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