Explain the Purpose of Working Papers and the Difference Between

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The Answer is Working papers provide a record of the audit work completed and evidence gathered in forming their audit opinion.Working papers are used to document the details of each audit.The two main files held for each client are the permanent file and the current file.The permanent file includes documents that pertain to a client for more than one audit.These will include copies of long-term contracts and agreements,a client's organisational chart and details of the client's board directors and its subcommittees.The current file includes the details of work completed and evidence gathered that relate to the current audit.This includes correspondence between the auditor and their client,and their client's bankers and lawyers that pertain to the current audit period,as well as extracts from the minutes of meetings,such as the board of directors' meetings,which pertain to the current audit.

Explain the Purpose of Working Papers and the Difference Between

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Explain the Purpose of Working Papers and the Difference Between

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Correct Answer:
Verified