Audit working papers are the property of the auditors, who may destroy the papers, sell them, or give them away.” Criticize this quotation.
Answer to relevant QuestionsDescribe a situation in which a set of audit working papers might be used by third parties to support a charge of gross negligence against the auditors.Financial statements contain a number of assertions about account balances, classes of transactions, and disclosures.a. Identify who makes these assertions.b. List and describe each of the assertions regarding each financial ...What would you accept as satisfactory documentary evidence in support of entries in the following?a. Sales journal.b. Sales returns journal.c. Voucher or invoice register.d. Payroll journal.e. Check register.Trend analysis, common-size financial statements, and ratios are presented for the Brody Corporation in Figure. Assume that you are auditing Brody’s financial statements for the year ended 12/31/X8. You have performed ...Distinguish between the components of audit risk that the auditors gather evidence to assess versus the component of audit risk that they collect evidence to restrict.
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