An important part of every examination of financial statements is the preparation of audit working papers.

Required: 

a. Discuss the relationship of audit working papers to each of the standards of fieldwork.

b. You are instructing an inexperienced staff assistant on her first auditing assignment. She is to examine an account. An analysis of the account has been prepared by the client for inclusion in the audit working papers. Prepare a list of the comments, commentaries, and notations that the staff assistant should make or have made on the account analysis to provide an adequate working paper as evidence of her examination. (Do not include a description of auditing procedures applicable to the account.)