Audit documentation prepared on audits of publicly-held clients is the property of the:
A) shareholders.
B) auditor.
C) management of the entity being audited.
D) ASIC.

Question

Quizplus · Accepted Answer

Audit documentation is the property of the auditor, not the shareholders or management of the entity being audited. The auditor is responsible for retaining and safeguarding this documentation in accordance with auditing standards and legal requirements. ASIC (Australian Securities and Investments Commission) may have authority to access the documentation in certain circumstances, but ownership still resides with the auditor.

Audit Documentation Prepared on Audits of Publicly-Held Clients Is the Property