Which of the following statement is true regarding an auditor’s working papers?

Related Mcqs:

Internal check is carried on by___________?

A. Staff specially appointed for the purpose B. Internal auditor C. Supervisor of the staff D. Members of the staff...

Errors of Omission are_____________?

A. Technical errors B. Errors of principle C. Compensating errors D. None of the above...

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....

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

A. For the time period the entity remains a client of the audit firm. B. For a period of ten years C. For a period auditor opines them to be useful in servicing the client D. For the period the audit firm is in existence....

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...