What is Working Paper in research?
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Working Papers are pre-publication versions of academic articles, book chapters, or reviews. Papers posted on this site are in progress, under submission, or in press and forthcoming elsewhere. Working Papers are offered on this site by the author, in the interests of scholarship. Working Papers are not refereed.
Why are working papers important?
Working papers are important because they: are necessary for audit quality control purposes. provide assurance that the work delegated by the audit partner has been properly completed. provide evidence that an effective audit has been carried out.
What is vouching and verification?
Vouching. Verification. Meaning. Vouching means checking the accuracy of the transactions recorded in the books of accounts. Verification means a process to substantiate the validity of assets and liabilities appearing in the Balance Sheet.
Who is a company auditor?
Definition: In accounting, an auditor is someone who is responsible for evaluating the validity and reliability of a company or organization’s financial statements.
What are the qualifications of a company auditor?
QUALITIES AND QUALIFICATION OF COMPANY AUDITORHe/she must have complete knowledge of general accounts, income tax, cost accounting etc. He/she should not pass any transaction unless he/she knows that it is correct. He/she should be able to grasp quickly the technical detail of the business whose accounts he/she is auditing.
What are the purposes of audit documentation?
Audit documentation also facilitates the planning, performance, and supervision of the engagement, and is the basis for the review of the quality of the work because it provides the reviewer with written documentation of the evidence supporting the auditor’s significant conclusions.
What is the basic purpose of an audit?
The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital …
How long should you keep audit documentation?