Who normally owns the audit working papers prepared by an independent auditor?
Correct answer: A. The independent auditor
- A. The independent auditor
- B. The company’s chief financial officer
- C. The audited company’s shareholders
- D. The company’s external legal adviser
Explanation
Audit working papers are normally the property of the auditor because they document the auditor’s procedures, evidence, and conclusions. The client may receive access in appropriate circumstances, but ownership does not normally transfer to the client.
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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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