The preparation of working papers is an integral part of a CPA's examination of financial statements. On

Question:

The preparation of working papers is an integral part of a CPA's examination of financial statements. On a recurring engagement, a CPA reviews his audit programs and working papers from his prior examination while planning his current examination to determine their usefulness for the current engagement.

Required:

a. 1. What are the purposes or functions of audit working papers?

2. What records may be included in audit working papers?

b. What factors affect the CPA's judgment of the type and content of the working papers for a particular engagement?

c. To comply with GAAS, a CPA includes certain evidence in his working papers-for example, "evidence that the engagement was planned and work of assistants was supervised and reviewed." What other evidence should a CPA include in audit working papers to comply with generally accepted auditing standards?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 100% (QA)

Answered By

Akshay Agarwal

I am a Post-Graduate with a specialization in Finance. I have been working in the Consulting industry for the past 8 years with a focus on the Corporate and Investment Banking domain. Additionally, I have been involved in supporting student across the globe in their academic assignments and always strive to provide high quality support in a timely manner. My notable achievements in the academic field includes serving more than 10,000 clients across geographies on various courses including Accountancy, Finance, Management among other subjects. I always strive to serve my clients in the best possible way ensuring high quality and well explained solutions, which ensures high grades for the students along-with ensuring complete understanding of the subject matter for them. Further, I also believe in making myself available to the students for any follow-ups and ensures complete support and cooperation throughout the project cycle. My passion in the academic field coupled with my educational qualification and industry experience has proved to be instrumental in my success and has helped me stand out of the rest. Looking forward to have a fruitful experience and a cordial working relationship.

5.00+ 179+ Reviews 294+ Question Solved

Related Book For book-img-for-question