For what minimum period should audit working papers be retained by audit firm?

Related Mcqs:

Audit in depth is synonymous for____________?

A. Complete audit B. Completed audit C. Final audit D. Detailed audit...

Which of the following statements is, generally, correct about the reliability of audit evidence?

A. To be reliable, evidence should conclusive rather than persuasive B. Effective internal control system provides reliable audit evidence C. Evidence obtained from outside sources routed through the client D. All are correct....

Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor?

A. The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation B. The safe custody of working papers is the responsibility of client, if kept at his premises C. The working papers must be retained by an audit firm for a period of 10 years … Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor?Read More...

The current file of the auditor’s working papers, generally, should include____________?

A. A flowchart of the internal controls B. Organisation charts C. A copy of financial statements D. Copies of bond and debentures...

Auditing is what?

A. Reporting the financial information B. Examination of financial statements C. Preparation financial statements D. maintaining the ledger records...