Standardization of working papers - auditing, Auditing

Assignment Help:

Standardization of Working Papers - Auditing

The ICPAK guideline states that the needs of standardized working papers may improve the effectiveness along with that they are reviewed and prepared.  Used accurately they support to instruct facilitate the delegation and audit staff of work whereas providing a means to control such quality.

Conversely, despite the profits of standardizing the routine documentation of the audit as e.g. specimen letters, checklists, standard organization of the working papers. So it is never suitable to follow mechanically a 'standard' approach to the documentation and conduct of the audit with no regard to exercise to the requirement professional judgment.

On balance, there may be a degree of consistency of working papers and practically all firms considered this need. At last, it should be notice that working papers are the property of the auditor and therefore the auditors should adopt process to ensure such their confidentiality or secure custody and-leaving them by the bus or matatu should such be avoided.


Related Discussions:- Standardization of working papers - auditing

Beneficial ownership or title, Beneficial Ownership or Title In Januar...

Beneficial Ownership or Title In January 1976 the famous case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd radically altered the law along with regard to norma

Information in the fixed assets register, Information in the Fixed Assets R...

Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip

Permanent audit file, Permanent Audit File The permanent audit file mig...

Permanent Audit File The permanent audit file might include, inter alia: a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterpri

Procedures when fraud is suspected, Procedures When Fraud is suspected ...

Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr

What is an audit and why there is need for an audit, Question: (a) What...

Question: (a) What is an audit? Why there is need for an audit? (b) Explain the steps the auditor must take before deciding whether to accept the nomination as auditor. (

Comparison of the negative and positive methods, Comparison of the Negative...

Comparison of the Negative and Positive Methods Negative Method According to this method of circularisation, the customer is asked to communicate only when he does not ag

Initial identification - intangible asset, Initial Identification - Intangi...

Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu

Financial institutions and banks - audit situations, Financial Institutions...

Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu

Debtors - audit process, Debtors - Audit Process Considering that what...

Debtors - Audit Process Considering that what we have gone by on the other assets the audit work to check the figure of trade debtors should be follows as: 1) Get a schedul

External financial statement, As per the standard audit engagement letter s...

As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud. Ans: No, the prim

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd