Audit Working Paper Documentation

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.

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

Front

How should working papers be organized?

Back

1. Review the audit working paper 2. Making changes to the audit files

Front

Who owns the audit files?

Back

The ownership of the audit files is determined by the organization conducting the audit.

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.

Front

What are the types of audits?

Back

1. Financial audit 2. Compliance audit 3. Operational audit

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.