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QUESTION FOUR a) ISA 230 Audit Documentation contains the following statement which regard to working papers: Audit working papers refer to the material prepared
QUESTION FOUR a) ISA 230 Audit Documentation contains the following statement which regard to working papers: Audit working papers refer to the material prepared by, or for, or obtained and retained by, the auditor in connection with the performance of the audit work. Such material may be in the form of paper or electronic media. The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached in conducting an audit. The working papers must be sufficiently complete and detailed to provide an overall understanding of the audit. Required: i. Describe THREE benefits that the auditors will obtain from working papers that meet the above requirement. (3marks) ii. Working papers are usually split into two separate files; List these files and give TWO types of information in each of the file. (2marks)
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