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)the Australian and Securities Investments Commission.

Question

Quizplus · Accepted Answer

Audit documentation prepared on audits of publicly-held clients is the property of the auditor. This is because the auditor is responsible for maintaining adequate and appropriate audit documentation in accordance with auditing standards. While shareholders and management have certain rights to access the information contained within the documentation, the physical ownership remains with the auditor. The Australian Securities and Investments Commission also has the right to access audit documentation, but this does not mean that they own it.

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