Question: Question 3: (25 marks) A. Audit working papers are the property of the auditors, who may distort the papers, sell them, or give them to

Question 3: (25 marks) A. Audit working papers are the property

Question 3: (25 marks) A. Audit working papers are the property of the auditors, who may distort the papers, sell them, or give them to third part. Is this statement true or false? Justify with your explanation (10 marks) B. Many CPA firms are taking a business risk approach to audits. Define what is meant by business risk. Provide an example of a business risk that could result in a risk of material misstatement of the financial statements. (15 marks)

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