List the major types of audit working papers and give a brief explanation of each. For example: One type of audit working paper is an account analysis. This working paper shows the changes that occurred in a given account during the period under audit. By analyzing an account, the auditors determine its nature and content.
Answer to relevant QuestionsAudit working papers are the property of the auditors, who may destroy the papers, sell them, or give them away.” Criticize this quotation.List several rules to be observed in the preparation of working papers that reflect current professional practice.Auditors are required on every engagement to obtain a representation letter from the client.a. What are the objectives of the client’s representation letter?b. Who should prepare and sign the client’s representation ...During your examination of the accounts receivable of Hope Ranch, a new client, you notice that one account is much larger than the rest, and you therefore decide to examine the evidence supporting this customer’s account. ...Define inherent risk. Can the auditors reduce inherent risk by performing audit procedures?
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