Smartbook Ch 5-4
Working papers are assigned this, which allows the information to be tied together through a system of cross-referencing. Multiple choice question. Signature and date Index number Reconciliation date Schedule number
Index number
Second partner review
Quality review to provide assurance that the CPA firm's in-house quality control policies have been complied with.
In-charge partner
Review of entire set of working papers to determine audit was performed in accordance with GAAS and provide support for audit report.
Manager
Review of work done by staff and senior auditors near the end of the audit to make sure working papers "tie together."
Senior
Review of work performed by staff assistant to make sure audit procedures are performed properly and conclusions are clearly expressed
One purpose of the ______ working paper review is to see that the staff assistant has performed the audit procedures properly. Multiple choice question. partner-in-charge manager senior second partner
senior
The advantages of using computer-generated working papers include ______. Multiple select question. the need to manually "push through" an adjustment throughout the current file a nearly "paperless" audit can be performed an adjustment can be carried through the current file quicker documents can be scanned
-a nearly "paperless" audit can be performed -an adjustment can be carried through the current file quicker -documents can be scanned
To identify the specific audit steps performed, auditors use these symbols when preparing the working paper. Multiple choice question. PBCs Indexes Tick marks Cross-references
Tick marks
Audit working papers are the property of the ______. Multiple choice question. auditors client
auditors
The working papers that pertain solely to this year's audit are called the ______ files. Multiple choice question. supporting corroborating current permanent
current
The AICPA Code of Professional Conduct generally allows auditors to share working papers without restriction within the client's organization.
false
Today most working papers are prepared ______. Multiple choice question. on electronic devices on electronic devices and then transferred to columnar paper in pencil on columnar paper
on electronic devices
Auditors are given 60 days after the audit ______ date to complete the audit file. Multiple choice question. documentation execution fieldwork completion documentation completion report release
report release
As audit working papers are prepared, auditors use several symbols or ----- ---- to identify specific steps in the work performed.
tick marks
The backbone of the working papers is the ______, which is the key schedule that controls and summarizes all supporting papers. Multiple choice question. lead schedules working trial balance adjusting journal entries audit administrative working papers
working trial balance
