Identify the type of information audit trainees should include in the audit working papers.

      

Identify the type of information audit trainees should include in the audit working papers.

  

Answers


Wilfred
1. Information concerning the legal and organizational structure of the entity.
2. Extracts of copies of important legal documents, agreements and minutes.
3. Information concerning the industry, economic environment and legislative environment within which the entity operates.
4. Evidence of the planning process including audit programmes and any changes thereto.
5. Evidence of auditor‘s understanding of the accounting and internal control system.
6. Evidence of inherent and control risk assessments and any revisions thereof.
7. Evidence of auditor‘s consideration of the work of internal auditing and conclusions reached.
8. Analyses of transactions and balances.
9. Analyses of significant ratios and trends.
10. A record of the nature, timing and extent of audit procedures performed and the results
of such procedures.
11. An indication as to who performed the audit procedures and when they were performed.
12. Letters of representation received from the entity.
13. Conclusions reached by the auditor concerning significant aspects of the audit.
14. Copies of the financial statements and auditor‘s report. Financial statements of previous years are also necessary.
15. Copies of bank mandates and specimen signatures
Wilfykil answered the question on February 22, 2019 at 10:56


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