Group 5 - Internal audit

Which of the following most completely describes the appropriate content of internal audit assurance engagement working papers

• Objectives, procedures, and conclusions

• Purpose, criteria, techniques, and conclusions

• Objectives, procedures, facts, conclusions, and recommendations

• Subject, purpose, sampling information, and analysis

Internal audit engagement teams prepare working papers primarily for the benefit of the

• Auditee

• Internal audit function

• Board and senior management

• Independent outside auditor

Which of the following pieces of information should be included on every working paper?

• Source of the data

• Explanation of test/analysis

• Conclusions

• All of these pieces of information should be included on every working paper

What type of working paper summarizes a number of audit tests done on a sample of transactions?

• Reperformance

• Interview summaries

• Draft audit reports

• Worksheets

Which of the following is NOT one of the three most common types of audit working papers?

• Reperformance

• Interview summaries

• Worksheets

• Trial balance statement

The working papers that pertain solely to this year's audit are called the ______ files.

• Supporting

• Corroborating

• Current

• Permanent

The AICPA Code of Professional Conduct generally allows auditors to share working papers without restriction within the client's organization.

• True

• False

Audit working papers are the property of the ______.

• Auditors

•  Client

The advantages of using computer-generated working papers include ______.

• The need to manually "push through" an adjustment throughout the current file

• A nearly "paperless" audit can be performed

• An adjustment can be carried through the current file quicker

• Documents can be scanned

Auditors are given 60 days after the audit ______ date to complete the audit file

• Documentation execution

• Fieldwork completion

• Documentation completion

• Report release