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Working papers are the evidence of work done by the auditor, he should prepare working papers in order to provide evidence that audit was properly performed according to ISA standards. Working papers support auditor, in-case he is being sued in court by the client, for negligence of audit work.
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What is the primary support of an audit?
the audit working papers
What is the purpose of an audit?
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
What is audit and the purpose of audit?
Audit is an evaluation of a certain thing or individual. This is to determine about the situation of the inventories, expenses and also to determine the check and balances.
What is audit planing memorandum?
Audit planning memorandum is written document prepared by auditors for recording all the findings and working during audit process.
What is the purpose of an internal audit?
Main purpose of internal audit is to establish internal control system as well as procedures which ensures that all departments works as per policies and procedures established by management of business as well as to help external auditors in conducting external audit.
What is the purpose of an audit trail?
what is the purpose of an audit trail
What is the purpose of audit working papers?
Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was:Properly planned;Carried out;There was adequate supervision;That the appropriate review was undertaken; & finally and most importantly;That the evidence is sufficient and appropriate to support the audit opinion.
Definition of special audit?
an audit for special purpose who is employed by government
What is the primary support of an audit?
the audit working papers
Briefly describe the key requirement included in professional auditing standards regarding the preparation and retention of audit workpapers.?
Professional auditing standards define the core value of accounting ethics. Working paper also define the skills of an auditor. Hence the basic requirement in auditing standards at the very behest of accounting profession sticks to the basic concepts of accounting ethics. However, in the current scenario where the cases of financial fiasco have increased, government defined auditing standards take centre stage and differs from one nation to the other. But once again when it matter pertaining to the reparation of and retention of audit work paper, the requirement prepare by auditor should be in a manner that it helps the auditors to carry out auditing services in the most appropriate way. That is to say, auditor should do away with inappropriate representation while preparing audit report. Hence the working paper requirement at most should avoid accumulating unnecessary working papers for the sake of client and for the requirement of professional auditing standards. Moreover, when it matter to the ownership of audit work paper and as it is with the general principles, audit paper is the property of the auditor concerned in all circumstances. Given the case attached to working paper as an evidence of the audit process that are usually obtained during financial assessment also withhold that audit paper are likely to remain with auditors and audit firms. And to profess the ethics attached to accounting profession, again audit papers sole ownership lays with the auditors. However, the auditor and the audit paper are also subject to some compliance. That is to say, auditor who owns the working paper cannot disclose the same to third party in any circumstances. Hence, in the first instance audit firm own audit papers, but are not likely to disclose the same to third party, which means that as per the principle audit client also gain some form of ownership and any misuse of the audit paper can intimidate legal discourse from the client part.
What is the purpose of an audit?
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
What is an audit trail and what is its purpose?
An audit (financial or non-financial) therefore indicates detailed examination and verification of an account, a situation or a state. Given this definition, the application of an audit varies from financial audits to marketing audits; from fire safety audit to statutory refulations requirements audit(like ISO, HAACP etc). Very large scale audits include an audit of the city. The purpose of carrying out the audit varies. In the case of a fire safety audit, we are ensuring environmental safety. In the case of an annual financial audit, the primary purpose of its existence is the protection of stockholders in publicly traded What is the purpose of an audit. To this end, my reply is that the purpose of an audit is to verify and examine in detail if there is accuracy in information. However, the type of audit being carried out may have a deeper underlying purpose which is being addressed. Specifically, the purose of an audit is to perform an independent assessment of an action, function, or system, in order to determine the effectiveness of that action, function, or systems ability to control risk.
What is audit and the purpose of audit?
Audit is an evaluation of a certain thing or individual. This is to determine about the situation of the inventories, expenses and also to determine the check and balances.
What is audit planing memorandum?
Audit planning memorandum is written document prepared by auditors for recording all the findings and working during audit process.
What is the difference between investigation audit and conventional audit in financial statement audit?
Purpose of investigation audit is to find out the evidance of the specific agenda for which investigative audit is conducted while conventional audit objective is to find out that financial statements represents the true and nature of business or not.
What is the purpose of the Pre-Audit screen?
The dts pre-audit screen allows the traveler to justify questionable expense items.
What is the purpose of DTS pre-audit screen?
The dts pre-audit screen allows the traveler to justify questionable expense items.
