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.

In the context of ISA 240 (The Auditor’s Responsibility to Consider Fraud and Error in, an Audit of Financial Statements):

(a) Define: –
(i) Fraud (3 marks)
(ii) Error (3 marks)

(b) Outline the respective responsibilities of an entity’s management and the external auditor with respect to the prevention and detection of fraud and error. (8 marks)

(c) Outline the procedures an external auditor should follow if he suspects that fraud; or error have been perpetrated. (6 marks)
(Total: 20 marks)

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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.

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