What Are The Two Types Of Audit Working Papers?

• Permanent audit file.
• Current audit file.

What are the types of audit working papers?

While there are many different types of working papers, three of the most common are

interview summaries, worksheets, and reperformance documents

. Each of these working papers document a different type of audit evidence and test, but all should include some basic information.

What is included in audit working papers?

• Checklists of standard investigation items that were completed, and by whom.
• Copies of correspondence.
• Documentation of the assertions investigated and supporting evidence found.
• Extracts from the corporate minutes of the client.
• Flowcharts of a client’s key transaction processes.

Which of the following are types of working papers?

Examples of working papers are

audit programs, analyses, memoranda, letters of confirmation and representation

, abstracts of company documents, and schedules or commentaries prepared or obtained by the auditor.

What are 3 types of audits?

There are three main types of audits:

external audits, internal audits, and Internal Revenue Service (IRS) audits

. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.

How many types of audit Programmes are there?

There are

two main

types of audit programs: Fixed Audit Program. Flexible Audit Program.

What are the four types of audit?

Tip. There are four types of audit reports:

and unqualified opinion, a qualified opinion, and adverse opinion, and a disclaimer of opinion

. An unqualified or “clean” opinion is the best type of report a business can get.

What are the 5 audit procedures?

Typically, five types of audit procedures normally use by auditors to obtain audit evidence. Those five audit procedures include

Analytical review, inquiry, observation, inspection, and recalculation

.

What is audit and its types?

Auditing is the process of reviewing and confirming your financial reports. Audits verify that you’ve created accurate and reliable financial reports and that no fraudulent activities are happening within the business. There are three main types of audits:

internal, external, and government or IRS audits

.

What is an audit work program?

An audit program, also called an audit plan, is

an action plan that documents what procedures an auditor will follow to validate that an organization is in conformance with compliance regulations

. … The framework should explain the audit’s objectives, its scope and its timeline.

What is auditing PDF?

“Auditing is

concerned with verification of accounting & financial records with view to determine their accuracy & reliability

“. … According to Mautz“ Auditing is concerned with the verification of accounting data, with determing the accuracy & reliability of accounting statement & reports”.

How many types of audits are there in India?

Audits are generally classified into

two types

: Statutory audits; and. Internal audits.

What are the types of auditors?

The four types of auditors are

external, internal, forensic and government

. All are professionals who use specialized knowledge to prepare specific types of audit reports.

What are the 4 audit opinions?

• Unqualified opinion-clean report.
• Qualified opinion-qualified report.
• Disclaimer of opinion-disclaimer report.
• Adverse opinion-adverse audit report.

What are the six parts of an audit report?

These basic elements are

report title, introductory paragraph, scope paragraph, executive summary, opinion paragraph, auditor’s name and auditor’s signature

.

What are the 7 audit procedures?

Audit procedures to obtain audit evidence can include

inspection, observation, confirmation, recalculation, reperformance, and analytical procedures

, often in some combination, in addition to inquiry.

What are the 8 types of audit evidence?

• Physical examination. …
• Confirmations. …
• Documentary evidence. …
• Analytical procedures. …
• Oral evidence. …
• Accounting system. …
• Reperformance. …
• Observatory evidence.

What is ISO audit?

An ISO quality audit is

a management tool companies use to evaluate, confirm, and verify activities related to quality

. The ISO 9000 quality audit determines the effectiveness of an organization’s quality management system (QMS). … The ISO 9001 quality audit is the most common ISO standard for audits.

What are the 8 audit procedures?

• Analytical procedures. Performing analytical procedures is one the most basic yet among the most powerful tools that auditors have at their disposal. …
• Confirmations. …
• Inquiry. …
• Inspecting records or documents. …
• Inspecting assets. …
• Observation. …
• Recalculation. …
• Reperformance.

What are the 4 phases of an audit process?

Although every audit process is unique, the audit process is similar for most engagements and normally consists of four stages:

Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review

. Client involvement is critical at each stage of the audit process.

What is a 3rd party audit?

A third-party audit is

performed by an audit organization independent of the customer-supplier relationship and is free of any conflict of interest

. Independence of the audit organization is a key component of a third-party audit.

What is audit notebook?

Audit notebook is

a diary on which auditor scribble down all important inquiries

to avoid the possibility of unquestioned material facts. … Audit notebook contains information regarding day-to-day work performed by the audit staff on any particular date.

How do I create an audit work program?

1. Step 1: Established Authority.
2. Step 2: Operational Independence.
3. Step 3: Policies and Procedures.
4. Step 4: Framework of Controls.
5. Step 5: Reporting Structure.
6. Step 6: Remediation Process.
7. More Internal Audit Resources.

What is difference between accounting and auditing?

Accounting maintains the monetary records of a company.

Auditing evaluates the financial records and statements produced by accounting

.

What are 3 types of audit tests define each type of audit test and give 2 examples?

The three general types of audit test include

risk assessment procedures, a test of controls, and substantive procedures

. The risk assessment procedures test is used to understand the entity and its environment. The auditor will use the risk assessment test to make inquiries of management and analytical procedures.

What are the two types of auditors?

• Internal auditors. Internal auditors work in the company as an employee, and as part of their role, they must audit certain procedures within the company, such as its recordkeeping.
• External auditors.

What is audit introduction?

“Auditing is

a systematic and independent examination of data, statements, records, operations and performances

(financial or otherwise) of an enterprise for a stated purpose. …

Which type of audits are mandatory?

Types of

Statutory Audit

Cost Audit as prescribed under Section 148 of the Companies Act, 2013. Secretarial audit as prescribed under Section 208 of the Companies Act, 2013. Tax Audit as prescribed under Section 44AB of the Income Tax Act, 1961. GST Audit as prescribed under 35(5) of the GST Act, 2017.

What are the types of quality audit?

The American Society for Quality identifies three types of audit:

a process audit, a product audit, and a system audit

. A process audit verifies that a company’s processes meet the requirements for the particular standard for which the organization is seeking certification.

What are the techniques of auditing?

• Vouching. When the Auditor verifies accounting transactions with documentary evidence, it is called vouching. …
• Confirmation. …
• Reconciliation. …
• Testing. …
• Physical Examination. …
• Analysis. …
• Scanning. …
• Inquiry.

What is BCOM auditing?

It is an examination. of accounts to ascertain whether the financial statements give a true and fair view financial. position and profit or loss of the business. Auditing is the intelligent and critical test of. accuracy, adequacy and dependability of accounting data and accounting statements.

What are the types of opinion?

• 2.1 Public opinion.
• 2.2 Group opinion.
• 2.3 Scientific opinion.
• 2.4 Legal opinion.
• 2.5 Judicial opinion.
• 2.6 Editorial opinion.

What are the types of audit risk?

There are three common types of audit risks, which are

detection risks, control risks and inherent risks

.

What is audit certificate?

An Auditor’s certificate is

a written confirmation of the accuracy of the facts relating to the accounts for a particular time or to a

specific matter, which does not involve any estimate or opinion. …