What are the documentation retention requirements of AS 3?
Answer to relevant QuestionsWhen initiating communications with predecessor auditors, prospective auditors should expect a. To take responsibility for obtaining the client’s consent for the predecessor to give information about prior audits. b. To ...Which of the following is not a benefit claimed for the practice of determining materiality in the initial planning stage of an audit? a. Being able to fine- tune the audit work for effectiveness and efficiency. b. Avoiding ...Which of the following communications is most likely to be written before the balance-sheet date? a. A report to the audit committee on the results of testing of internal control over cash receipts. b. Confirmation letters ...When evaluating whether accounting estimates made by management are reasonable, the audit team would be most interested in which of the following? a. Key factors that are consistent with prior periods. b. Assumptions that ...Audit Documentation. The preparation of audit documentation is an integral part of an auditor’s examination of financial statements. On a recurring engagement, auditors review the audit plans and audit documentation from ...
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