Why are the prior year’s audit working papers a useful reference to staff assistants during the current audit?
Answer to relevant QuestionsList 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 ...Explain the meaning of the term permanent file as used in connection with audit working papers. What kinds of information are usually included in the permanent file?When analytical procedures disclose unexpected changes in financial relationships relative to prior years, the auditors consider the possible reasons for the changes. Give several possible reasons for the following ...Assume that the auditors find serious weaknesses in the internal control of Oak Canyon, Inc., a producer and distributor of fine wines. Would these internal control weaknesses cause the auditors to rely more or less upon ...Identify and describe the two components of the risk of material misstatement.
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