audit working papers are the property of

Which of the following statement is correct. Working papers are the property of the auditor and some states have statutes that designate the auditor as the owner of the working papers.

Guide To Standard On Auditing Sa 230 Audit Documentation

The working papers are the matters documented by the auditor.

. Audit working papers are the property of the auditors who may distort the papers sell them or give them to a third party. Of audit working papers as the supporting for the basis on which financial statement is approved by the auditor. Although the client may claim them as a record of his business matters the auditor cannot part with them as his conclusions are based on them and as they provide evidence of the audit work carried out according to the basic principles.

So they are his property. Audit working papers are the property of the auditor. The auditors rights of ownership however are subject to ethical limitations relating to the.

The Auditors Working Papers are divided into two parts is the specific guidelines and directions for efficient and effectivecompletion of the audit work on timely and daily basis so as to minimise audit risk. The auditors rights of. Audit Working Papers can be defined as the documents that auditors record during the course of the audit whilst they are obtaining evidence regarding the companys financial statements and other relevant transactions.

Audit working papers are used to support the audit work done to assure that the relevant auditing standards performed the audit. Thus the audit working papers are the property of auditor and not of the client. Is this statement true or false.

Working paper is the property of the auditor. Audit working papers are used to support the audit work done and they provi View the full answer Transcribed image text. Students also viewed these Auditing questions.

Audit working papers are sometimes referred to as audit documents that are a. Ownership of Audit working papers. She may at her discretion make portion or extracts from audit documentation available to the client c.

Working papers contain sufficiently detailed and up-to-date facts which justify the. - a Client - b Accountant - c Auditor - d Registrar of companies - Advance Accounting and Auditing Multiple Choice Question-. 1 Answer to Audit working papers are the property of the auditors who may destroy the papers sell them or give them away Criticize this quotation.

Justify with your explanation. Audit working papers refer to the documents prepared by or use by auditors as part of their works. The Auditor may at his discretion make portions of or extracts from his working papers available to his clients.

Working papers increase the economy efficiency and effectiveness of the audit. Audit working papers are the property of the auditor. Audit working papers are the property of the auditors who may destroy the papers sell them or give them away Criticize this quotation.

They cannot distort them because it can be used as an evidence if there would be. Working Papers prepared or obtained by the auditor in connection with the performance of audit are the property of auditor and it is the duty of the auditor to retain and preserve the working papers for a period of 7 years. The first statement is FALSE.

Audit working papers are the property of the auditor. Click to see full answer. Guidelines of Audit Working Papers as specified in SA-230 Audit Documentation.

Although audit working papers are property of the auditors they should not be sold distorted or given to third party as it will violate the Code of Ethics of Confidentiality because what is contain in the audit working papers are information about the client. Working papers are the property of the auditor and some states have statutes that designate the auditor as the owner of the working papers. Working papers are the record of various audit procedures performed audit evidence obtained allocation of work between audit team members etc.

Working papers provide assurance that the work delegated by the audit partner has been properly completed. In order to keep professional ethic it cannot discover to third party without consent of the client unless limited specified situations mentioned in ISA 230 Documentation and required by law the. They are not a part of nor substitute for the clients accounting records.

Those documents include summarizing the clients nature of the business business process flow audit program or procedure documents or information obtained from the client and audit testing documents. Audit papers are the property of _____. Audit programme provides instructions to the audit staff and reduces scope for.

Audit working papers are the property of the auditors who may distort the papers sell them or give them to a third party. The ownership of working papers belongs to the auditor. Thus the working papers are the property of the auditor.

Audit working papers are the property of the auditor. Audit working papers are the documents and evidence that an auditor collects and retains with himself during the audit. Herein who is the owner of audit working paper.

The working papers are the property of the Auditor. Audit Working papers are without a doubt a very important part of the overall audit processThis is essential because of the reason that audit working papers are used in order to create proper relevance when it comes to important matters pertaining to accounting and financial considerations of the company. A Audit working papers are the property of the auditors who may distort the papers sell them or give them to third part Is this statement true or false.

Audit working papers are the documents which record all audit evidence obtained during financial statements auditing internal management auditing information systems auditing and investigations. Working papers provide evidence that an effective audit has been carried out. Although audit working papers are property of the auditors they should not be sold distorted or given to third party as it will violate the Code of Ethics of Confidentiality because what is contain in the audit working papers are information about the client.

In order to keep professional ethic it cannot discover to third party without consent of the client unless limited specified situations mentioned in ISA 230 Documentation and required by law the examples are court order for public interest and so on. Solved Answer of MCQ Audit working papers are the property of. In order to keep professional ethic it cannot reveal to third parties without client consent unless limited specified situations mentioned in ISA 230 Documentation and required by law the examples are court order.

The auditors rights of ownership however are subject to ethical limitations relating to the confidential relationship with clients.

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