Audit documentation helps the engagement team and its supervising members in such a way that Purpose of audit documentation is to demonstrate the work of an auditor. Which of the the following documents an audit file may contain? 1. Correspondence with the management seeking clarification on treatment of goodwill II. Audit schedule III. Checklist showing the list of documents contained in an audit file. a. It eliminates the need for conducting audit procedures b. It includes the documents of the entity to be verified by the engagement team c. It clearly indicates the documents to be collected from the entity d. It includes the strategy and plan for audit serves as a guide a. All the above b. I and III O c. 1, 11 O d. ll and I Expressing an opinion on the financial statements of an entity requires to follow several steps in common. They include 1. Forming an opinion II. Concluding the evaluations III. Conducting audit procedures IV. Collecting evidences V. Evaluating the evidences The correct sequence of the above steps is O a. IV, III, V, I and II ob. III, IV, V, II and I O c. II, III, IV, I and V O d. II III IV and V