Audit working papers are an integral part of an examination in accordance with generally accepted auditing standards.a. Describe three major functions of the audit working papers.b. Distinguish between the permanent working paper file and the current working paper file.
What will be an ideal response?
a. The functions of audit working papers include (only three required):
Provide a means of assigning and coordinating audit work.
Aid in review of the work.
Provide support for the auditors' report.
Document compliance with generally accepted auditing standards.
Aid in planning and conducting future audits.
b. The permanent file is used to organize working papers of continuing audit interest over a number of years. The current file contains the administrative and evidence working papers for the year under examination.
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