Question: The audit plan, the audit program, and the time budget are three important working papers prepared early in an audit. What functions do these working

The audit plan, the audit program, and the time budget are three important working papers prepared early in an audit. What functions do these working papers serve in the auditors’ compliance with generally accepted auditing standards? Discuss.

Step by Step Solution

★★★★★

3.32 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The audit plan the audit program and the time budget are developed to help ensure compl... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

336-B-A-A-A-N (874).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

What relationship exists between AICPA generally accepted auditing standards (GAAS) and the statements on Auditing standards (SASs)?

Generally accepted auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit. The critics believe the standards should be more...

Generally accepted auditing standards require auditors to be independent. Included within this standard are the concepts of independence in fact and independence in appearance. Required: a. Define...

We received a number of account receivable (and one pre-paid insurance) confirmations that I put on your desk when I stopped by to talk to Samuel Carboy this morning. With the good response rate on...

Work on Appendix 6C after reading this case study. Appendix 6C Illustrative Audit Case: Keystone Computers & Networks, Inc. Part I: Audit Planning The Keystone Computers & Networks, Inc. (KCN) case...

Pelican Systems Inc. (PSI), a public company, develops and manufactures equipment that is sold to technology, communications, and airline enterprises, and designs and installs customized information...

Argonaut has to account for the acquisition of 100% of the shares of Moe's Lawn Care Limited (MLC) in Argonaut's June 30, 20X9, financial statements, even though MLC's numbers might be subject to...

Case Details: You have worked as a staff auditor for two and one-half years and have mastered your job. You will likely be promoted to a senior position after this busy season. Your current senior...

Please answer the steps below after reading the case details. All the information is there please do not try and tell me its not. Case Details: You have worked as a staff auditor for two and one-half...

"Professional Liability" Please respond to the following: From the case study, determine the main potential ethical dilemmas. Next, use the seven (7) steps in the ethical decision-making framework to...

Required: For each of the following items indicate whether it increases, decreases, or has no effect (N/E) on cash flow: Cash flow Inc. Dec. N/E 1. Earning net income for the year 2. Redemption of...

An apple with an average mass of 0.15 kg and average specific heat of 3.65 kJ/kg C is cooled from 20C to 5C. The entropy change of the apple is (a) -0.0288 kJ/K (b) -0.192 kJ/K (c) -0.526 kJ/K (d) 0...

12.4 Explain how calculating current cash debt coverage for an entity overcomes a disadvantage of the current and quick ratios.

How would the treatment of expenditures differ if the company reported under US GAAP and it had established in 2018 that the project was likely to be completed and the software used to perform the...

The following "conditions" are excerpts from a report of an operational audit of a company's human resources department: Condition I: The company's payroll is prepared by the human resources...

Select the best answer for each of the following and give reasons for your choice: a. Which of the following is the best way for the auditors to determine that every name on a company's payroll is...

On July 27, 200X, Arthur Ward, CPA, issued an unqualified audit report on the financial statements of Dexter Company for the year ended June 30, 200X. Two weeks later, Dexter Company mailed annual...

Narda Corporation agreed to sell all of its capital stock to Effie Corporation for three monthly payments of $200,000. After Effie made the first required payment, it ceased making other payments....

Hybrid cars are touted as a "green" alternative; however, the financial aspects of hybrid ownership are not as clear. Consider the 2014 Edsel 550h, which had a list price of $5, 900 (including tax...

Which of the following statements is false? A. Redemptions and partial liquidations that qualify as exchanges of the redeemed stock GENERALLY reduce earnings & profits by an amount which does not...