The working papers are
A) the property of client.
B) prepared by the client's internal auditors.
C) the primary means of documenting that an adequate audit was conducted in accordance with GAAS.
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 provide evidence that the audit was conducted in accordance with GAAS. They document the planning, testing, and conclusion phases of the audit and serve as a reference for future audits. They are not the property of the client, as they are the work product of the audit firm. They may be prepared by both internal and external auditors. They are not primarily used for performance evaluations, although they may be used in that manner to some extent.

The Working Papers Are