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.

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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