Permanent and Current Audit Files (1)

Question 1

How can working papers be divided?

Answer 1

Into permanent audit files and current audit fules

Question 2

What are permanent audit files?

Answer 2

Containing information of continuing importance to the audit

Question 3

What are current audit files?

Answer 3

Containing information relevant to the current year’s audit

Question 4

Info in permanent audit file (Engagement)

Answer 4

Engagement letters

Question 5

Info in permanent audit file (Client)

Answer 5

New client questionnaire

Question 6

Info in permanent audit file (memorandum)

Answer 6

Memorandum and articles

Question 7

Info in permanent audit file (legal)

Answer 7

Legal documents such as leases

Question 8

Info in permanent audit file (client)

Answer 8

Details of the history of the client’s business

Question 9

Info in permanent audit file (management)

Answer 9

Previous year’s signed FS and reports to management

Question 10

Info in permanent audit file (systems)

Answer 10

Accounting systems notes and internal control questionnaires