ICAEW ARF · Chapter 9 · Question 10 of 11
Who owns the audit working papers prepared during a statutory audit?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The audit firm
Explanation
Working papers are the property of the audit firm. The firm may make parts of them available to the client at its discretion, provided this does not undermine the independence or effectiveness of the audit. The firm must also keep them confidential and secure.
More Sampling and audit documentation MCQs
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- Q2Which of the following is a feature of statistical sampling?
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- Q4Which of the following describes haphazard selection?
- Q5When testing controls, which of the following would increase the required sample size?