What does an audit working paper generally include quizlet?
narrative descriptions of the entity’s accounting system and control procedures. review notes pertaining to questions and comments regarding the audit work performed. a schedule of time spent on the engagement by each individual auditor.
What should be included in audit documentation?
Examples of audit documentation include memoranda, confirmations, correspondence, schedules, audit programs, and letters of representation. Audit documentation may be in the form of paper, electronic files, or other media.
What are the objects of working papers?
The working papers are the property of the accounting firm conducting the audit. These papers are formally referred to as Audit Documentation or sometimes as the audit file. The documents serve as proof of audit procedures performed, evidence obtained and the conclusion or opinion the auditor reached (AU 339.05).
Which of the following would not be included in the permanent working paper file?
The permanent file of an auditor’s working papers generally would not include: a working trial balance. The procedure of an accountant obtaining a general level of knowledge of the accounting principles and practices of the entity’s industry is: required for both a compilation and review.
Which of the following is the most reliable type of audit evidence?
(1) Information obtained indirectly from outside sources is the most reliable audit evidence.