The auditor should prepare working papers which are sufficiently complete and detailed to provide an overall understanding of the audit.
Required:
(a) State four benefits that an auditor would obtain from working papers that satisfy the above requirement. (4 marks)
(b) List five items of information you would expect to be contained in a permanent audit file and explain why each of these items of information should be readily available. (10 marks)
(c) In the audit of purchases, list four examples of the type of information that would be contained in the detailed audit working papers. (4 marks)
(d) Give any two reasons why an auditor should examine the directors’ minute book.
(2 marks)
(Total: 20 marks)
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