The current file of the auditor's working papers, generally, should include____________?
Correct answer: C. A copy of financial statements
- A. A flowchart of the internal controls
- B. Organisation charts
- C. A copy of financial statements
- D. Copies of bond and debentures
Explanation
The current audit file contains information relevant to the present year's audit, including a copy of the current financial statements. Permanent control documents such as organization charts and flowcharts are generally kept in the permanent file.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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