The working papers are:
A) the property of client.
B) the primary means of documenting that an adequate audit was conducted in accordance with auditing standards.
C) property of the auditor although prepared by client.
D) used primarily as a basis for the partners to review and reward the work of the managers, seniors and staff.

Question

Quizplus · Accepted Answer

The working papers are the primary means of documenting that an adequate audit was conducted in accordance with auditing standards. They are prepared by the auditor and are the property of the auditor. They are used to support the auditor's opinion and are subject to review by regulatory bodies. While the client provides information and documents for the audit, the working papers themselves are the property of the auditor. The working papers are not used primarily as a basis for the partners to review and reward the work of the managers, seniors, and staff.

The Working Papers Are