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What is the purpose of audit working papers?
What is the purpose of audit working papers?
- Necessary for audit quality control purposes and provide evidence that an effective audit has been carried out (correct)
- Primarily for internal record-keeping and have no impact on the audit process
- Used for tax assessment purposes and to prepare financial statements
- Serve as marketing materials for the auditing firm
What do audit working papers include?
What do audit working papers include?
- Employee payroll records, inventory lists, purchase orders, and sales invoices
- Summary of client's nature of business, business process flow, audit program, obtained documents, and audit testing documents (correct)
- Legal contracts, marketing materials, organizational charts, and annual reports
- Financial statements, tax returns, management letters, and bank statements
Why are audit working papers important?
Why are audit working papers important?
- Ensure compliance with tax regulations and reporting requirements
- Serve as historical archives with no relevance to current audits
- Provide assurance that the work delegated by the audit partner has been properly completed (correct)
- Simplify the audit process by eliminating the need for client interaction
What do physical ledger and journal specimens of organizations refer to?
What do physical ledger and journal specimens of organizations refer to?
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What is the role of general payment vouchers in auditing?
What is the role of general payment vouchers in auditing?
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