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@lsoltobaeva said:
I have attempted this paper for the second time and also found it to be easier than the first time. I really hope I get 50%!regarding the working papers, I wrote that each WP should include:
– The name of the audit client (to distinguish from other clients WPs)
– The reporting period
– The account balance tested
– the objective of the paper and tests being used
– the audit procedures applied
– the conclusion
– the name of a preparer
– date.and briefly explained each point.
I guess that was required in this part.
What you described above for audit working papers sounds more like an audit report. Audit working papers are basically documents which record all the evidence collected during the audit. It basically shows evidence is sufficient and appropriate to support audit opinion.
What you described above for audit working papers sounds more like an audit report. Audit working papers are basically documents which record all the evidence collected during the audit. It basically shows evidence is sufficient and appropriate to support audit opinion.
no, I have to disagree. audit report has a different content.
Here is the extract from my book on WP documentation:
“All audit working papers should clearly state the following:
• The name of the client
• The accounting date
• A file reference
• The name of a person preparing the WP
• The date the paper was prepared
• The name of any person reviewing the WP
• The date of the review
• A key to audit ticks used in the paper
• A listing of any errors identified
• A conclusion on the area”
So, in general my answer was correct, I believe.- Topics: 0
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@lsoltobaeva said:
no, I have to disagree. audit report has a different content.
Here is the extract from my book on WP documentation:
“All audit working papers should clearly state the following:
• The name of the client
• The accounting date
• A file reference
• The name of a person preparing the WP
• The date the paper was prepared
• The name of any person reviewing the WP
• The date of the review
• A key to audit ticks used in the paper
• A listing of any errors identified
• A conclusion on the area”
So, in general my answer was correct, I believe.
From your first answer it sounded like you were referring to audit report, sorry my mistake (too little sleep this work!!). Working papers are basically evidence/material collected by the auditor and your points above illustrate items that should be included on the working papers. I put similar things in my answer, such as auditors reasoning/conclusion… etc etc. Anyway, exam is over, I now can no longer be bothered.Good luck with your results.
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how can i compare my answers ?? is there someone who tell what he write according to question wise….
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Audit Working Papers ( AWP )..
I wrote :
1) Audit Year End… ( 31 March 2012)
2) Assertion being Tested.
3) Item in the Financial statement being Tested… Ex: Payables..
4) Conclusions from the test performed… or finding…- Topics: 0
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Good Luck everyone for result but past experience shows that marking scheme was very strict at time when f8 was so easy.
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