alleryStart learning →Who owns the audit working papers?
AThe client company
BThe auditing firm
CThe audit committee
DThe tax authority
Answer & Solution
Correct answer: B. The auditing firm
The papers record the auditor's own work, so they belong to the auditor and not to the client.
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Related questions
Working papers help third parties do what?Internal audit tests the most important controls using which approach?Working papers help show that the audit was performed in line with what?Which development lets auditors analyse entire datasets instead of samples?If liquidation becomes imminent, statements are prepared on what basis?How long is the foreseeable future usually regarded under the going concern assumption?The IAASB issues which of these?Which body sets recognised standards for internal auditors?